Oil prices edge higher, set for weekly gain amid trade optimism
Oil prices edged higher on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in US crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month.
Brent crude was up 3 cents at $60.98 a barrel, as of 0144 GMT, while US West Texas Intermediate (WTI) crude was up 8 cents at $56.38. Brent is set to mark its fourth weekly gain, while US crude is headed for a second weekly rise. “Crude has been trading higher after the news that China and the United States would restart their trade talks with an important meeting in October,” said Alfonso Esparza, market analyst at OANDA.
