After the resumption of trade negotiations between US President Donald Trump and Chinese President Xi Jinping, raising hopes of stronger growth and demand in the world's two largest economies, oil prices fell on Friday but were on track to achieve their first weekly gain in three weeks.

Brent crude oil futures fell by 12 cents, or 0.2%, to $65.22 per barrel at 01:33 GMT. U.S. crude oil West Texas Intermediate lost 15 cents, also 0.2%, to $63.22, after gaining around 50 cents on Thursday. On a weekly basis, both benchmarks were on track to rise after two consecutive weeks of declines. Brent has increased by 2.1% this week, while WTI is up by 4%

On a weekly basis, both benchmarks were on track to rise after two consecutive weeks of declines. Brent has increased by 2.1% this week, while WTI is up by 4%