(Bloomberg) -- Oil is on track for a second straight weekly gain, buoyed by a big drawdown in U.S. crude stockpiles and reports that the U.S. and China would hold trade negotiations next month.
Futures in New York were off 0.3% after ending Thursday’s session little changed. The U.S. benchmark is poised to gain around 2% for the week. A U.S. government report showed a near 5 million-barrel draw in domestic crude inventories to their lowest level in almost a year, although crude production is also near record-high levels.
Reports that the U.S. and China would hold trade talks next month were also positive, but concerns linger that global growth may stall if talks don’t yield a positive result.
