US stocks close higher; US Steel slumps while Rivian surge

Crude pushes higher 

Oil prices edged higher Friday, adding to the prior session’s gains amid hopes of policy support to revive economic growth in China, the world’s largest crude importer.

The US crude futures (WTI) rose 0.9 to $74.01 a barrel, while the Brent contract gained 1% to $76.7 per barrel.

Both contracts closed at their highest in more than two months on Thursday, and are on track for their second weekly increase after investors returned from holidays, improving trade liquidity.

China's President Xi Jinping pledged more proactive policies to boost growth earlier this week, while the Financial Times reported on Friday that the Chinese central bank is planning to cut interest rates from the current 1.5% level “at an appropriate time” this year.

(Ambar Warrick contributed to this article.)

Source: Investing.com