05.04.201906:07:00UTC+00Oil Slips On Growth Worries

Oil prices inched lower on Friday, but remained on track for a weekly gain supported by supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela.

Global benchmark Brent crude dipped 0.3 percent to $69.19 a barrel, after having touched the highest level since November 12 at $70.03 in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $62.09, after having hit the highest since November 7 at $62.99 the previous day.

While growth worries weighed on prices, the downside remained capped by media reports suggesting significant progress in the U.S.-China trade talks.

U.S. President Donald Trump touted prospects for an "epic" trade deal with China, but failed to announce a date and place for a Trump/Xi summit.

Chinese state media Xinhua reported quoting Vice Premier Liu He that a new consensus has been reached between the two sides on the text of a trade agreement.

Brent remains on track for a second week of gains, while WTI is on track for a fifth consecutive weekly rise.

Brent and WTI prices jumped nearly 30 percent and 40 percent, respectively this year after the oil cartel and allies such as Russia agreed to cut output by 1.2 million barrels per day (bpd), in a bid to prop up prices.