Oil is set for weekly gain as US-China trade talks resume

According to Reuters, despite falling on Friday, oil prices are set for a weekly gain. The rise is driven by resumed US-China talks, which have boosted hopes for GDP and demand growth in the world's two largest economies.

Both Brent and WTI are on track to settle higher on a weekly basis after declining for two weeks in a row. Since Monday, Brent has advanced 2.1%, and WTI has risen 4%, the news agency says. Besides, oil prices were supported by crude production cuts in Canada due to ongoing wildfires.

Reuters reports that talks between Chinese leader Xi Jinping and US President Donald Trump were initiated by Washington. The American leader called the conversation positive and said his administration was optimistic about the trade deal with China.

Investors are now awaiting the US nonfarm payrolls report. The data could provide further signals on the Federal Reserve's monetary policy.