05:10 AM EDT, 05/08/2025 (MT Newswires) -- Crude oil prices edged higher on Thursday amid optimism surrounding U.S. and China trade talks, which are reportedly scheduled to start on Saturday.

Brent crude at last look traded 0.6% higher at US$61.46/barrel and West Texas Intermediate crude gained 0.7% to US$58.46/b.

U.S. Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland to begin negotiating ways to overcome the two countries' trade dispute, Reuters said in a Thursday report.

"Signs of a de-escalating trade war improved market sentiment, triggering a rebound in oil prices in an oversold market," Reuters quoted independent market analyst Tina Teng as saying.

Oil price gains were capped by weak demand concerns after the U.S. Federal Reserve maintained interest rates but warned about economic uncertainty, the report said.

"The Fed signaled that rates will likely remain on hold until the effects of tariffs become clearer. This boosted the U.S. dollar, which added to headwinds facing the broader commodity markets," ING analysts said in a report, as quoted by Reuters.