2019.10.0406:13:00UTC+00Oil Modestly Higher In Cautious Trade

Oil prices eked out modest gains on Friday but remained on track for large weekly losses on worries that fuel demand could fall amid weakening global growth.

Benchmark Brent crude climbed 0.6 percent to $58.05 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 0.4 percent at $52.66.

The upside remained capped after Saudi Arabia said it has fully restored its oil production following the attacks on its oil facilities in mid-September.

Both Brent and WTI are down more than 6 percent for the week as Saudi Arabia production returns much faster than expected.

In a speech during a plenary session at Russian Energy Week in Moscow, Energy Minister Prince Abdulaziz bin Salman said the kingdom's oil production capacity now stands at 11.3 million barrels per day (mbpd).

As concerns about global oil demand rise, investors now await next week's U.S.-China trade talks for any signs of a breakthrough on a trade deal.