J.P. Morgan Chase Bank announced record first-quarter earnings and revenues that exceeded analysts' expectations, as the bank took advantage of the rise in interest rates last December.

The bank's earnings rose 5% to $9.18 billion ($2.65 per share), compared to analysts' expectations of $2.35 a share.

The American bank quarterly revenues rose also by 5% to $29.9 billion in the first quarter of this year, exceeding expectations by almost $1.5 billion.

J.P. Morgan Chase CEO, Jamie Dimon, said in a statement that the bank had record revenue and net income, strong performance across each of its major businesses, amid some global geopolitical uncertainty, strong competition, in addition to the rise in wages and jobs in the US.

J.P. Morgan, the largest US bank by assets, is the first major lender to report quarterly earnings for the first quarter.

Analysts say the results of JPMorgan posted strong data supported by the Federal Reserve's interest rate increase at the December meeting, which was the fourth time the Feds raised rates in 2018.

In terms of trading, JPMorgan jumped by 4.1% to $110.6 at 19:12 GMT, and recorded a day high of $111.8 and a low of $108.8.

Oil prices rose during the day amid a large-scale decline of the dollar against most major currencies, as markets grow optimistic over OPEC output-cut deal, ahead of the release of US drilling data today.

OPEC's monthly report showed its oil production fell last month to 30.02 million bpd, the lowest level since February 2015.

Separately, the dollar index (against a number of major currencies) fell by 0.3% to 96.8 points at 16:40 GMT, reaching a high of 97.1 points and a low of 96.7 points.

Baker Hughes will unveil the oil and natural gas rigs count in America this week.

In terms of trading, West Texas crude rose by 0.9% to $64.1 a barrel by 16:23 GMT, the highest price at $64.6 and the lowest price at $63.6.

Brent climbed 1% to $71.5 a barrel, hitting a high of $71.7 and a low of $70.9.

Canadian dollar rises despite of IMF warnings

The Canadian dollar rose against most of the majors on today's trading, despite warnings from the International Monetary Fund (IMF), as it received support from the recovery in oil prices.

The IMF trimmed its forecast for global economic growth in 2019, while citing a number of challenges, most notably the US-China trade war.

The IMF called on America and China to cooperate more to reach an agreement that addresses the structural issues in trade relations between the two countries.

Earlier this week, US Treasury Secretary, Steven Mnuchin, said Washington and Beijing had agreed on a mechanism to implement any trade deal.

On the other hand, by 15:30 GMT, West Texas crude rose by 1% to $64.2 a barrel, with a high of $64.6 and a low of $63.6.

Brent also rose 1% to $71.5 a barrel, hitting a day high of $71.7 and a low of $70.9.

In terms of trading, the Canadian dollar rose against the US dollar by 0.4% to 0.75 at 15:44 GMT, with the highest at 0.7515 and the lowest price at 0.7465.

Oil prices extended their gains as the US market opened on Friday to resume a 15-month high, which was temporarily halted yesterday, on correction from the highest level in five months, heading to the sixth consecutive weekly gain, as prices today were supported by strong Chinese trade data for March, in addition to the ease of the slowdown fears in the Chinese economy which have revived prospects for oil demand in the largest oil importer in the world, with support from the OPEC-led cuts, as well as US sanctions on Venezuela and Iran.

By 13:05 GMT, US crude rose to $64.30 a barrel from the opening of $63.74, with a high at $64.63 and a low at $ 63.63.

Brent crude rose to $71.55 a barrel from the opening of $70.94, and with a high of $71.74, and a low of $70.87.

US crude lost 1.2% yesterday, the second loss in the last three days.on the correction and profit taking, as well as the EIA data, which showed a significant rise in the US crude inventories.

Brent also fell 0.85% on correction and profit taking after recording a five-month high of $71.77 a barrel on Wednesday.

Over the course of the week, global oil prices so far have risen by about 2%, making their sixth consecutive weekly gain, among the longest weekly gains streak since April 2018.

The Chinese government released data showing a large surplus in the trade balance in March, with exports rising by 14.2%, exceeding experts' expectations of 7.3%, and the previous reading at 20.8% in February.

The data reduced fears of a slowdown in the world's second-largest economy and revived prospects for oil demand in China.

Since the start of the year, oil prices have risen sharply, based on the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, following the pledge to reduce 1.2 million barrels per day of supply from January to June.

Due to this agreement, OPEC production in March fell to its lowest level in four years, with a strong determination on achieving a quick balance in the market.

Production in Venezuela has dropped as US sanctions have deepened the country's economic and political crisis, as the United States is expected to also tighten sanctions on Iran in May.

Venezuela's production fell by 290,000 barrels in March to 732,000 barrels per day, in addition to power cuts in the country, which added more pressure on Venezuela's output.

Jefferies bank said on Friday that Iran's output was stable at 2.7 million bpd, but could receive another blow if the United States slashed the exemptions from sanctions on Iranian oil exports.