Crude posted the longest weekly winning streak since November 2017, amid concerns over supply shortfalls from countries like Venezuela and optimism over US-China trade talks.

Grant Smith The price of crude oil rose to almost $70 a barrel, a level last breached in November, as global crude supplies tightened, while hopes for an end to the US-China trade impasse lifted financial markets.

Chinese and US negotiators have adjourned trade talks in Beijing with US treasury secretary Steven Mnuchin saying they were "constructive".

China's foreign ministry has said Beijing is open to negotiating with Washington amid a spiralling tariff dispute.