Oil prices experienced a modest decline on Friday but were poised for their first weekly gain in three weeks following the resumption of trade negotiations between U.S. President Donald Trump and Chinese President Xi Jinping. This development rekindled hopes for increased demand growth from the world’s two largest economies, underpinning positive sentiment in global energy markets.

The S&P 500 Index $^SPX ended Monday’s session in positive territory as investors maintained a cautiously optimistic outlook on U.S. trade negotiations, even in the face of escalating protectionist measures. The uptick came shortly after U.S. President Donald Trump announced a plan to double tariffs on imported steel and aluminum, intensifying economic pressure on key trade partners—most notably China.