Oil prices little changed ahead of Sino-US trade meeting

Oil prices were little changed early on Friday after rising more than 3% in the previous session, as trade tension between top oil consumers U.S. and China showed signs of easing and Britain announced a "breakthrough" trade deal with the United States.

Brent crude rose 7 cents, or 0.1%, to $62.91 a barrel while U.S. West Texas Intermediate crude was up 7 cents, or 0.1%, at $59.98 a barrel as at 0121 GMT. On Thursday, Brent settled up 2.8% at $1.72 and WTI rose 3.2% to $1.84.

U.S. 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, U.S. President Donald Trump and British Prime Minister Keir Starmer announced Britain had agreed to lower tariffs on U.S. imports to 1.8% from 5.1%. The U.S. cut duties on British cars but left a 10% 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 U.S. 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.