Higher open expected for the U.S markets, Friday after the key stock index futures moved a bit higher in the morning.

Renewed hopes on U.S.-China trade agreement and the latest Brexit developments including lawmakers voting for a three months delay for Brexit have enthused the markets.

At around 03:10 a.m. ET,  Dow futures traded 78 points higher, pointing to a higher open of more than 78 points.

The S&P 500 and Nasdaq futures were also high.

China’s Xinhua news agency.reported that Chinese Vice Premier Liu He spoke with U.S. Treasury Secretary Steven Mnuchin and the U.S. Trade Representative Robert Lighthizer.

Mnuchin had stated on Thursday that a summit is unlikely between President Donald Trump and Chinese president Xi Jinping in March-end as speculated earlier to seal a trade pact.

In the U.S., Friday’s notable economic data release will include Empire State manufacturing numbers,  industrial production numbers, and consumer sentiment data.

Oil price up

Oil prices edged up on Friday. The U.S. crude soared to the year’s highest. Already production cuts led by OPEC and U.S. sanctions against Venezuela and Iran have created a supply deficit in the market.

However, a drastic price surge has been prevented by concerns of low demand from an economic slowdown.

The U.S. West Texas Intermediate (WTI) crude oil futures soared 15 cents to hit $58.76 per barrel at 0745 GMT. It was the highest so far in 2019.

Brent crude oil futures jumped to $67.43 per barrel, up 20 cents from the last settlement.

“Oil continues to grind higher ... in response to ongoing production cuts from the OPEC+ group of producers as well as another (output) slump from a blacked-out Venezuela,” noted Ole Hansen, head of the commodity strategy at Denmark's Saxo Bank.

EU, Asia markets up

European stocks moved up on Friday after U.K. lawmakers voted to delay Brexit for three months. The pan-European Stoxx 600 was up with most sectors in positive territory.

Asia markets traded higher on Friday after investors reacted positively to Bank of Japan's monetary policy decision supplemented by the U.K. lawmakers deciding to delay exit from the European Union.  GettyImages-Stock market March 15 Traders work on the floor of the New York Stock Exchange (NYSE) on March 11, 2019 in New York City. Higher open likely for markets Friday as key stock index futures are up in the morning. Photo: Photo by Spencer Platt/Getty Images

Japan’s Nikkei 225 rose 0.77 percent while the Topix index added 0.9 percent. South Korea's Kospi moved up 0.95 percent higher and Hong Kong's Hang Seng index soared 0.82 percent.

China’s Shanghai Composite moved up 1.04 percent while the Shenzhen composite picked up 1.42 percent. But Australia's ASX 200 was almost flat after the weighted financial subindex tanked 0.23 percent.

Gold rises

Gold prices soared on Friday after recovering from the previous session's sharp fall after the dollar dipped and concerns mounted on a slowdown in global economic growth pushing up demand for the yellow metal.

Spot gold jumped by 0.6 percent to $1,303.30 per ounce as of 0833 GMT. There was a 0.6 percent jump in U.S. gold futures to touch $1,302.90 per ounce.

The U.S dollar fell 0.2 percent against major currencies and is heading to its biggest weekly loss since early December.