Oil prices headed higher on Friday for the fifth day in a row as fears related to U.S.-China trade talks subsided and production cuts continued to make headlines. Oil posted sizable gains this week, with ongoing outages in Venezuela tightening the market. Also, one of the largest bearish factors for oil – the U.S.-China trade war – showed some signs of easing. OPEC cut output…and demand forecast . OPEC cut production by 800,000 bpd in January, going a long way to erasing the supply surplus. However, the group also cut the demand estimate for its crude by 240,000 bpd from the last forecast due to a slowing economy. The group is still producing a bit more than what they think is needed. […]