Oil Holds Steady With Focus on US Trade Talks, Cushing Gain

Oil held steady as equities headed toward all-time highs on news of potential progress in trade talks between the US and the European Union, offsetting nascent signs of a softening physical market.

West Texas Intermediate crude settled little changed above $65 a barrel, recovering from its lows of the day as risk assets rallied on reports the EU and the US are closing in on a deal that would impose 15% tariffs on European imports, similar to the agreement struck with Japan.