Oil steadies, set for weekly gain amid hopes for end to U.S.-China trade war

Oil prices were steady on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased as Washington and Beijing agreed to hold high-level talks next month. Brent crude was down 3 cents at $60.92 a barrel by 0850 GMT, while U.S. West Texas Intermediate (WTI) crude was down 10 cents at $56.20 a barrel. Brent is set to mark its fourth weekly gain, while U.S. crude is headed for a second weekly rise. Beijing and Washington on Thursday agreed to hold high-level talks in early October in Washington, cheering investors hoping for an end to the trade war between the world’s two biggest economies that has brought tit-for-tat tariff hikes, chipping away at economic growth.