09:11 AM EDT, 05/09/2025 (MT Newswires) -- Oil prices rose early of Friday on hopes global trade tensions will ease as the United States and China ready to meet in Switzerland on the weekend for their first talks since the pair last month imposed punishing tariffs on each other's exports that have nearly halted all trade between the world's two largest economies.

West Texas Intermediate crude oil for June delivery was last seen up US$1.20 to US$61.11 per barrel, while July Brent crude was up US$1.16 to US$64.00.

Treasury Secretary Scott Bessent will met with Chinese Vice Premier He Lifeng on the weekend, in initial talks to reduce U.S. tariffs of 145% on Chinese goods and China's 125% levy on U.S. imports. However President Donald Trump on Friday inserted himself into the talks, saying in a social media post that China should open its market to U.S. goods but wrote that an "80% Tariff on China seems right! Up to Scott B".

The talks come as the United States and the United Kingdom on Thursday said they reached a framework agreement for a trade deal, as the United States left tariffs on U.K. imports to 10% and while lowering levies on steel, aluminum and auto imports. The United Kingdom agreed to buy more U.S. beef and ethanol and improve customs procedures for U.S. imports.

"The market reaction sadly ignores that the UK might just be a test case for the US as it hones its skills when faced with trickier opponents across the negotiating divide ... Odd then that investors have chosen such a deal as a possible pathfinder, it is the UK after all, it always does what the US wants. If the market deems success at cracking a deal at 10 percent compared with the threatened 25 percent, it must expect some sort of miraculous write down of the 145 percent tariffs currently bandied around by The Donald when talking on China's trade surplus with the US," PVM Oil Associates noted.

Rising supply may serve as a check on the market's trade optimism. However rising supply continues to check price optimism, as OPEC+ readies to add a second monthly tranche of 411,000 barrels per day of oil to market in June, even as output from outside the cartel is on the rise.

In its Short-Term Energy Outlook released on Tuesday, the Energy Information Administration said it believes global inventories are already on the rise, building by 0.3-million barrels per day over the first four months of this year and rising to 0.7-million bpd by the fourth quarter.