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Oil prices were little changed early on Friday after rising more than 3.0 per cent in the previous session, as trade tension between top oil consumers US and China showed signs of easing and Britain announced a "breakthrough" trade deal with the United States.
Brent crude rose 7.0 cents, or 0.1 per cent, to $62.91 a barrel while US West Texas Intermediate crude was up 7 cents, or 0.1 per cent, at $59.98 a barrel as at 0121 GMT. On Thursday, Brent settled up 2.8 per cent at $1.72 and WTI rose 3.2 per cent to $1.84, according to a Reuters report.
US Treasury Secretary Scott Bessent will meet China's top economic official Vice Premier He Lifeng in Switzerland on May 10 to work toward resolving trade disputes that have threatened growth in the consumption of crude oil.
Separately, US President Donald Trump and British Prime Minister Keir Starmer announced Britain had agreed to lower tariffs on US imports to 1.8 per cent from 5.1 per cent. The US cut duties on British cars but left a 10 per cent tariff on most other goods.
Elsewhere, the Organization of the Petroleum Exporting Countries and allies - or OPEC+ - plan to increase output which could keep pressure on oil prices. A Reuters survey found OPEC oil output edged lower in April as production declines in Libya, Venezuela and Iraq outweighed a scheduled increase in output.
Tighter US sanctions on Iran could restrict supply and push prices higher. Sanctions on two small Chinese refiners for buying Iranian oil made it difficult for them to receive crude and led them to sell their product under alternative names, sources told Reuters on Thursday.