Live News Update Oil rises as China, U.S. set for trade talks, but markets weary of slowing demand Oil prices on Thursday recouped some of the previous day's losses after Beijing said it would send a delegation to Washington to try to resolve trade disputes between the United States and China that have roiled global markets. Brent crude oil futures LCOc1 were at $71.03 per barrel at 0455 GMT, up 27 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents at $65.06 a barrel, held back somewhat by rising U.S. crude production and storage levels. Both benchmarks lost more than 2 percent during the previous day's trading. said Thursday's markets were pushed up by news that a Chinese delegation led by Vice Minister of Commerce Wang Shouwen will hold talks with U.S. representatives led by Under Secretary of Treasury for International Affairs David Malpass later in August. and the United States have implemented several ro