World Commodities - World oil prices touch 2019 highs.

Byline: S. Kamal Hayder Kazmi

Oil prices touched their highest since mid-November on Friday and posted weekly gains for the second week in a row, boosted by hopes that US-China trade talks would soon produce a deal, although new record US oil supply limited gains.

Brent crude futures briefly reached $67.73 a barrel, their 2019 high. The global benchmark fell 5 cents to settle at $67.12 a barrel. Brent gained 1.2 percent on the week. US West Texas Intermediate (WTI) crude futures gained 30 cents to settle at $57.26 per barrel, after hitting $57.81 earlier on Friday, also their highest for the year. WTI recorded a 3-percent weekly rise and reached its strongest settlement price of 2019.

Top US and Chinese trade negotiators met on Friday to wrap up a week of talks that have seen the two sides struggle to reach a deal by a March 1 deadline. US President...