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Endless wait for U.S.-China talks keeps oil prices steady from last week’s gains

Oil prices were little changed on Monday following steady gains in the previous week with investors awaiting fresh clues over prospects for a trade deal between the United States and China, shrugging off concerns over steadily rising oil supplies.

Brent crude futures LCOc1 were at $63.30 a barrel at 0512 GMT, unchanged from the previous session. The contract rose 1.3% last week.

West Texas Intermediate (WTI) crude CLc1 were also unchanged at $57.72 a barrel, having gained 0.8% last week. The “crude oil market is flat on Monday morning, as price consolidates after Friday’s big rally,” said Margaret Yang, market analyst at CMC Markets.

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.