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• WTI lacks firm intraday direction, though it remains on track to register weekly gains.
• The US-China trade talks raise hopes for fuel demand growth and support Oil prices.
• A bearish USD also acts as a tailwind for the commodity ahead of the US NFP report.

West Texas Intermediate (WTI) US Crude Oil prices oscillate in a narrow band, around mid-$62.00s during the Asian session on Friday, and remain on track to register gains for the first time in three weeks.

Hopes for the resumption of US-China trade talks lift expectations for strong fuel demand in the world's two largest economies, which, in turn, act as a tailwind for the black liquid. In fact, US President Donald Trump and Chinese President Xi Jinping spoke on Thursday and agreed that officials from both sides will meet soon for more talks to resolve the ongoing trade war.

Furthermore, a hit to Canadian supply from wildfires turns out to be another factor lending support to Crude Oil prices amid persistent geopolitical risks stemming from the protracted Russia-Ukraine war and conflicts in the Middle East. Adding to this, the underlying bearish sentiment surrounding the US Dollar (USD) is seen underpinning the USD-denominated commodity.

Traders, however, seem reluctant to place aggressive directional bets around Crude Oil prices and opt to wait for the release of the closely-watched US monthly employment details. The popularly known US Nonfarm Payrolls (NFP) report will play a key role in influencing market expectations about the Federal Reserve's (Fed) future rate-cut path and driving the USD demand.

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