Oil Down But Set For Weekly Gain Amid Caution Over Global Economy

Oil prices fell nearly 2% on Jan. 11 but were on track for weekly gains after financial markets strengthened on hopes the United States and China may soon resolve their trade dispute.

Tightened supply following OPEC-led crude production cuts aided earlier 1% increases for both oil benchmarks, but concerns about the global economy kept markets in check.

International Brent crude futures were at $60.55 per barrel in the morning, down $1.13, or 1.83%. U.S. West Texas Intermediate (WTI) crude futures ell 87 cents to $51.72 per barrel.