WASHINGTON (dpa-AFX) - Oil prices extended gains on Friday after rising around 3 percent in the previous session on hopes for a breakthrough in upcoming talks between the United States and China, the world's two largest oil consumers.
Benchmark Brent crude futures jumped 1.3 percent to $63.68 a barrel in early European trade, while WTI crude futures were up 1.4 percent at $60.76.
The U.S. trade deal with Britain has fueled guarded optimism for progress in tariff talks with other countries.
U.S. Commerce Secretary Howard Lutnick told CNBC that dozens of trade deals will be rolled over the next month, but a 10 percent tariff imposed on most countries will likely stay.
U.S.-China talks are due to take place in Switzerland on Saturday and Sunday. The talks will be led by Treasury secretary Scott Bessent and chief trade negotiator Jamieson Greer on the U.S. side.
China's Vice Premier He Lifeng, who oversees economic matters, will lead the country's delegation.
U.S. President Donald Trump hinted the meetings with China on trade and economic issues could be 'very substantive' and lead to tariff reductions.
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