Trump intends to negotiate with China.
The commodity has lost around 15 percent from four-year highs at the start of last month as Russian Federation and OPEC said they would bolster output and dealers grew concerned about the impact on demand from a trade war between China and the US.
Stocks have rebounded to their highest point in three weeks on Friday following the Trump administration's request for a possible trade deal with China.
"We are not on the cusp of a deal", Kudlow said.
"I don't buy the story for a second", said Michael Every, head of Asia financial markets research at Rabobank in Hong Kong.
"There was the belief overnight that we were close to a trade deal with China and now it looks like that is not the case".
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The United States has imposed tariffs on US$250 billion worth of Chinese goods, with duties on US$200 billion of the total set to increase to 25 per cent from 10 per cent on Jan 1, 2019.
The comments came after a Bloomberg report that Trump instructed members of his cabinet to draft a deal that would end the trade war with China and lift the massive tariffs on the country's goods coming into the US.
Trump says he will have dinner with President Xi Jinping (shee jihn-peeng) of China at the summit of industrial and emerging market nations in what would be their first meeting since both countries imposed escalating rounds of tariffs on goods. Japan's Nikkei index followed with a 2.4 percent rise and United States stock futures increased 0.7 percent, Reuters reported on Friday. In Beijing that was seen as an insult to Xi, who sent a personal emissary to Washington for the negotiations, and cemented a view that Trump's real goal was to thwart China's rise.
"Some enterprises have more operational difficulties, and the long-term accumulated risks are exposed", Xinhua said, citing a Politburo meeting presided over by President Xi Jinping.
"This is pre-election hype created to make the markets happy; there is no imminent deal with China", Greg Valliere, the chief global strategist at Horizon Investments, told Business Insider.
The U.S. leader has threatened to tax all imports from China unless it addresses "unfair" trade practices.
Concern over global trade has rattled investors for most of 2018 as the Trump administration takes a protectionist stance on the matter.