After two days of meetings in Lima that rarely ventured beyond platitudes in discussing the strategies of robust economic engagement, the Asia-Pacific Economic Cooperation forum wrapped up Saturday with a spirit of detente that many fear the annual summit may not see again for the next four years.

With Donald Trump's imminent return to the U.S. presidency looming over the Asia-Pacific Economic Cooperation (APEC) summit in Lima, Chinese President Xi Jinping said on Friday that unilateralism and protectionism needed to be rejected in favour of economic globalization.

Chinese President Xi Jinping and his Peruvian counterpart Dina Boluarte officially inaugurated the Chancay megaport at an event in the Peruvian capital on Thursday. (AP video by Cesar Barreto)

Oil futures settled at their lowest in over two months Friday with expectations for a supply surplus next year, strength in the U.S. dollar, and continued worries over demand from China — the world’s largest crude importer — prompting prices to post a loss for the week.

Oil prices slipped on Friday and were bound for a weekly loss as investors digested waning Chinese demand and a possible slowing of the U.S. Federal Reserve's interest rate cut path. Brent crude futures dropped 71 cents,

Oil prices are set to end the week lower than they started as expectations of weaker global economic growth fuel expectations of oversupply in the year ahead.