Oil rose in European trade with Brent hitting fresh 2019 highs as OPEC and Russia comply with their deal to cut global output. 

As of 07:45 GMT, US crude rose to $55.10 a barrel, with a session-high at $55.34. 

Brent rose to $64.95 a barrel, with an intraday low at $64.67, and the highest since November 20 at $65.08. 

US crude rose 1.7% yesterday, while Brent added 1.5% as risk appetite improved on hopes for a US-China trade agreement. 

Now markets look forward to US-China trade talks in Beijing, with President Xi Jinping expected to meet the US delegation to hammer out hanging issues. 

US President Donald Trump opened the door for extending the truce beyond March to give another chance for an agreement. 

White House officials asserted in recent statements that Trump intends to meet his Chinese counterpart soon.

OPEC President Suhail Al Mazroui asserted the importance of reaching balance in the oil market by the end of the current quarter, adding he expects oil prices to steady as well in this quarter. 

Otherwise, Venezuelan output was forced down by recent US sanctions and amid tensions and political turmoil following recent elections, with even more output drops expected soon. 

Saudi oil minister Khalid Al Falih said to Financial Times that Saudi Arabia plans to produce 9.8 million bpd in March, and for exports to fall to 6.9 million bpd. 

That means a 500 thousand bpd cut from the levels promised by Saudi Arabia in the deal to cut global output with OPEC. 

Bitcoin rose on Friday for first session in five off week lows as investors assess new developments in the market. 

At Bitstamp, Bitcoin rose $17, or 0.5% to $3,577, with a session-high at $3,586. 

Bitcoin lost 0.4% on Thursday, the fourth loss in a row, plumbing a week trough at $3,531. 

Market value of cryptocurrencies rose a billion dollars to $121 billion. 

The CFTC regulatory authority in the US announced a focus on monitoring the crypto market in 2019 to follow up on many security and fraud concerns.

JPMorgan Chase announced intentions to issue a cryptocurrency of its own and test it for the next few months, becoming the first major bank in the US to announce such a step. 

The cryptocurrency is hoped to be used to online payments and with the use of blockchain technologies to support it. 

Sterling settled near four-week lows against dollar on Friday on track for the third weekly loss after another Brexit blow for PM Theresa May and ahead of retail sales data. 

As of 07:12 GMT, GBP/USD traded at 1.2800, with a session-low at 1.2822. 

Sterling lost 0.35% yesterday against the dollar, marking four-week lows at 1.2772. 

In another slap for the UK government, the Parliament rejected PM Theresa May's strategy for Brexit in a vote today. 

The Parliament refused her plans to regather support for her plans amid negotiations with the EU. 

The government hoped to get Parliament's support to avoid a disastrous no-deal Brexit.  

The previous vote on Brexit was overwhelmingly rejected in January. 

Now investors await crucial UK data, with retail sales expected up 0.2% in January, with core sales expected up 0.2% as well. 

USD/JPY tilted lower in Asian trade off December 27 highs following industrial Japanese data and ahead of US data. 

As of 06:05 GMT, USD/JPY shed 0.11% to 110.36, with a session-low at 110.26, and a high at 110.55. 

Earlier Japanese data showed industrial output fell 0.1% m/m, and fell 1.9% y/y. 

Now investors await US data, with import prices expected down 0.1%, while the Empire State Manufacturing Index is expected up to 7.1. 

US industrial production is expected up 0.1%, while the capacity utilization rate is estimated up to 78.8%.