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Oil prices rose on Friday as U.S. oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Asian shares pulled back on Friday as worries over renewed Sino-U.S. trade tensions weighed on sentiment ahead of the release of June trade data from China, though expectations of a Federal Reserve rate cut later this month kept losses in check.

Air China Ltd , China's flagship carrier, will buy 20 A350-900 jets from Airbus SE , both companies said, bolstering the European planemaker's order book for wide-body jets against Boeing Co amid Sino-U.S. trade tensions.

Oil prices rose on Friday, hovering near six-week highs, as U.S. oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued to simmer in the Middle East.

Asian shares veered between small losses and gains on Friday as investors awaited key China trade and lending data, and as worries over Sino-U.S. trade tensions countered optimism rooted in expectations of a Federal Reserve rate cut this month.

"That someone would let a tailor come on such a day is disrespectful," Sewing said in an interview with Handelsblatt on Thursday.

With a potentially negative earnings season looming, investors see easy Fed policy as the security blanket the stock market needs as it breaks to new highs.

The U.S. Justice Department is investigating whether Deutsche Bank AG violated foreign corruption or anti-money-laundering laws in its work for state fund 1Malaysia Development Berhad (1MDB), the Wall Street Journal said on Wednesday.

Oil futures hit a six-week high on Thursday as a storm built in the Gulf of Mexico, threatening crude output, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region.

As trade talks resume between China and the United States, President Donald Trump's advisers are confident he can portray his stance against Beijing as a strength in the 2020 election, despite making concessions and having no deal in sight.

Britain's Reckitt Benckiser will pay up to $1.4 billion to resolve all U.S. federal investigations into the sales and marketing of an opioid addiction treatment by its former prescription pharmaceuticals business Indivior .

A storm system in the Gulf of Mexico could develop into a tropical depression later on Thursday, likely bringing hurricane conditions across the north-central gulf coast over the next couple of days, the U.S. National Hurricane Center (NHC) said.

Oil futures hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region.

Britain's Reckitt Benckiser has agreed to pay up to $1.4 billion to resolve all U.S. federal investigations into the sales and marketing of an opioid addiction treatment by its former prescription pharmaceuticals business Indivior .

Global energy trader Vitol faces a possible fine of $6 million from a U.S. energy regulator for alleged manipulation in California's power market, an order from the regulator showed.