NYMEX oil futures rallied in the final minutes of trading to settle sharply higher Friday amid optimism that the US and China could avoid a renewed trade war despite rising tensions in recent weeks. NYMEX July WTI settled $1.78/b higher at $35.49/b while ICE July Brent climbed 4 cents to $35.33/b. US President Donald Trump, in an Friday afternoon press conference that started minutes after the market settle, again criticized Beijing's coronavirus response and blamed China for allowing the pandemic to spread worldwide. But outside of announcing limited sanctions on individuals connected with recent unrest in Hong Kong, Trump's hard-line rhetoric did not translate into meaningful policy action - a signal to markets that Trump is unwilling to risk the Phase 1 trade deal at this time.
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