The trade dispute between the world's two biggest economies and a sharp drop in global equity markets has hit oil prices, outweighing geopolitical tensions and supply cuts that have lowered global supplies from Latin America, Africa and the Middle East.
USA oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.
U.S. West Texas Intermediate (WTI) crude futures were at $62.29 per barrel, up 59 cents, or 1 percent, from their previous settlement.
Prices bounced off session lows after Trump said he received a "beautiful letter" from Chinese President Xi Jinping.
The letter fed investor hopes Washington and Beijing might clinch a trade deal, said Bob Yawger, director of energy futures at Mizuho in NY.
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"Global growth forecasts were hit by tariff escalation past year, before a ceasefire and negotiations kicked up a notch". The Chinese were clearly stockpiling Iranian oil before the sanctions waivers expired, which would suggest Beijing does not plan to completely ignore US sanctions.
Washington has also placed sanctions on oil exports from Venezuela, a founding member of the Organisation of the Petroleum Exporting Countries (Opec).
The United States introduced sanctions in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil.
Brent and WTI have risen more than 30 percent so far this year, supported by production cuts by the Organization of the Petroleum Exporting Countries and allies including Russian Federation. The EIA said with US waivers expiring, Iranian crude is likely to quickly fade from the world market and, while replacement barrels are coming, they may not arrive for months.
The US tariffs on $200 billion of Chinese goods would rise to 25 percent without a deal on Friday.
Imports amounted to 43.73 million tons of crude or 10.64 million barrels per day (bpd), customs data showed. China has threatened to retaliate, triggering a flight to safety among investors.Chinese Vice Premier Liu He's two-day visit to Washington starts Thursday.