Oil prices rise on trade optimism and Opec-led supply cuts

Men walk past an electronic board showing Nikkei average outside a brokerage in Tokyo

-China trade talks in a positive light.

In Europe, Germany's DAX slipped 0.4 percent to 10,879 while the CAC 40 in France fell 0.5 percent lower to 4,781. Britain's FTSE 100 rose 0.6 percent to 6,982.74. The dispute triggered a shutdown of about one-quarter of the federal government, and Trump has said he will not sign any bill to reopen the government that does not include funding for the wall.

Gold prices rose on Wednesday, with spot gold XAU= up 0.68 percent to $1,293.65 per ounce. The Shanghai Composite surged 0.7 percent to 2,553.83, but Australia's S&P ASX 200 lost 0.4 percent to 5,774.60. Shares fell in Taiwan but rose in Singapore, Indonesia and the Philippines.

POWELL SPEECH: Federal Reserve Chairman Jerome Powell said Thursday that the US central bank has the "ability to be patient" with its plans to gradually raise interest rates. He echoed the tone of Fed officials who were present at a meeting last month. A market-sensitive Fed is reassuring to investors who fear its tightening policies would send the US economy into recession.

It ended nine successive days of an increase in oil price that had come about on hopes of an end to the U.S. trade war with China, but it still ended the week higher. The fact that talks lasted a day longer than planned, the release of conciliatory statements from both sides and the possibility of higher-level talks in the near future are fueling gains in Asia.

Optimism regarding a trade deal boosted U.S. Treasury yields to their highest this year, while the U.S. dollar extended its losses after minutes from a December 18-19 Federal Reserve policy meeting showed that many Fed policymakers said the central bank could be patient on future rate hikes.

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"China and the U.S. managing to agree on a positive deal would favour further risk-on sentiment within markets over the short-term".

"Sentiment is greatly improved, and trade talk optimism has helped boost risk-appetite across the week", said Jasper Lawler, head of research at London Capital Group in a note on Friday, although he added that at this stage "there is a lack of anything concrete between the United States and China". It posted a weekly increase to 2.9 percent, which was its strongest such rise in six weeks.

Benchmark 10-year notes US10YT=RR were last down 3/32 in price to yield 2.7261 percent after earlier rising to 2.747 percent, the highest since December 28.

Citing the trade tensions, the World Bank expects global economic growth to slow to 2.9 per cent in 2019 from three per cent in 2018. Brent oil traded at $57.28 per barrel at 0620 GMT for a daily loss of 0.5 percent while WTI was at $48.55 a barrel at the same time showing a 0.4 percent loss.

Oil prices continued to rise during the week ending January 11, with the price of West Texas Intermediate (WTI) for February delivery increasing by 7.6 percent and Brent crude for March delivery increasing by 6.0 percent.

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