Brent crude oil prices increased by more than $1 per barrel on Friday, trending towards the first weekly gain in three weeks, following the resumption of trade talks between US President Donald Trump and Chinese President Xi Jinping.

This development has heightened expectations of stronger demand and economic growth in the two largest economies worldwide.

As of 1:49 PM GMT, Brent futures rose $1.50, or 1.61%, to $66.39 per barrel.

Concurrently, US West Texas Intermediate (WTI) crude futures also saw a rise of $1.02, or 1.61%, reaching $64.39 per barrel.

Both benchmarks are set to record weekly gains after experiencing declines for two consecutive weeks.

Brent crude has increased by 2.75% since the beginning of the week, while WTI has surged by 4.9%.

State-run Xinhua news agency reported that the trade discussions between Presidents Xi and Trump were initiated at the request of Washington.

President Trump described the call as resulting in a 'very positive outcome.'

In Canada, Minister of Industry Mélanie Joly confirmed that her country continues trade discussions with the United States, with Prime Minister Mark Carney directly communicating with Trump.

The oil market has shown volatility recently amid reports of negotiations over tariffs and economic indicators reflecting the global economy's susceptibility to uncertainty arising from the trade war and tariff impacts.

Analysts at BMI, a subsidiary of Fitch, noted in a report that the potential for increased US sanctions on Venezuela to limit crude oil exports and the possibility of an Israeli strike on Iranian infrastructure contribute to rising price risks.

However, they also indicated that weak oil demand and increased production from OPEC+ and non-OPEC producers could exert downward pressure on prices in upcoming quarters.