22.02.201905:55:00UTC+00Oil Holds Firm As US-China Talks Enter Crucial Phase

Oil prices were up slightly on Friday as optimism over U.S.-China trade talks and expectations of more stimulus from Beijing helped investors shrug off surging crude stockpiles.

Global benchmark Brent crude edged up 0.15 percent to $67.17 per barrel while U.S. West Texas Intermediate (WTI) crude oil futures were up 0.2 percent at 57.08 dollars per barrel.

Trade optimism prevails as U.S.-China talks enter a more serious phase.

U.S. President Donald Trump is scheduled to meet with Chinese Vice Premier Liu He in the White House today, with the goal of reaching a trade deal ahead of a March 1 deadline.

A report from CNBC indicated that Chinese authorities could be getting ready to implement more extensive stimulus measures in a bid to encourage economic growth.

Elsewhere, the Energy Information Administration (EIA) said on Thursday in a weekly report that U.S. crude oil production reached 12 million bpd for the first time last week, undermining efforts by OPEC and its allies to withhold supply and tighten global markets.