Oil prices were steady on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month.

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Oil prices eased on Thursday after a report showed U.S. crude inventories rose against expectations, even as Washington and Beijing confirmed they would hold ministerial level talks to try resolve a prolonged trade war.

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European prompt power prices continued to fall on Wednesday as wind supply volumes were forecast higher while consumption remained unchanged.

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British wholesale gas prices mostly rose on Wednesday morning on expectations of lower supply from Norway due to upcoming maintenance.

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Oil prices recovered some ground on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, having touched their lowest in close to a month during the previous session on fears over the weakening global economy.

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British wholesale gas prices mostly fell on Tuesday morning as strong output from the country’s wind farms curbed gas demand and weaker oil prices weighed on the curve.

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Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output.

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British wholesale gas prices plunged on Monday morning due to strong oversupply caused by a supply jump and lower-than-expected demand.

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Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude.

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British wholesale gas prices were mostly lower on Friday morning as expectations of high output from the country’s wind farms curbed demand for gas, leaving the system oversupplied. ›