Oil prices settled nearly 2% higher on Friday and notched their first weekly gains since mid-April as a U.S. trade deal with the United Kingdom turned investors optimistic ahead of talks between top officials from Washington and Beijing.

WTI crude oil futures ended the week with a 2.78% gain, closing at $59.91, driven by optimism over U.S.-China trade talks and signs of tightening inventories.

Oil futures rose on Friday, on their way to break a two-week losing streak, as trade tensions between top oil consumers, U.S. and China eased, while overall market sentiment improved. Brent crude (CO1:COM) rose 1.