Oil prices steady, set for weekly gain

Oil prices steady, set for weekly gain

Oil prices were steady today, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month.

Brent crude was up 6 cents at $61.01 a barrel by 0339 GMT, while U.S. West Texas Intermediate (WTI) crude was up 5 cents at $56.35 a barrel.

Both contracts spent the Asian trading session ticking either slightly higher or lower. Brent is set to mark its fourth weekly gain, while U.S. crude is headed for a second weekly rise, Reuters reported.

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