Oil prices were on track for a weekly gain of more than 3%, buoyed by renewed optimism surrounding global trade negotiations.

Oil prices held steady on Thursday, supported by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers. Brent crude futures were up 43 cents,

Oil prices ticked higher in early trading supported by optimism over upcoming trade talks between Washington and Beijing. Brent crude rose 0.4% to $61.34 a barrel, while WTI was up 0.5% to $58.34 a barrel.