Oil prices rose early on Friday, heading for a second weekly increase, driven up by optimism that the U.S. and China will forge a trade deal and that OPEC’s resolve to rebalance the market will outweigh soaring U.S. oil production. At 08:00 a.m. EST on Friday, WTI Crude was up 0.98 percent at $57.52, while Brent Crude was trading up 0.61 percent at $67.60—with both benchmarks at their highest since November last year. Although gains are capped by data that U.S. crude oil production hit 12 million bpd and American crude exports hit a new record high last week, market participants are hopeful that the U.S. and China can bridge the gaps in their ongoing trade talks. The two biggest economies in the world have begun to outline some broad commitments in principle on some of the thorniest issues in the trade dispute, Reuters reported on Thursday, citing sources […]