Pakistan, May 16 -- Oil prices rose slightly on Friday, recovering some ground after a sharp drop in the previous session, as optimism surrounding U.S.-China trade relations offset concerns about a potential increase in Iranian oil supply.

As of early Friday trading, Brent crude futures were up by 17 cents, or 0.26%, reaching $64.70 per barrel. Meanwhile, U.S. At $61.80 a barrel, West Texas Intermediate (WTI) crude increased 18 cents, or 0.29%.

The gains put oil on track for a weekly rise of more than 1%, despite Thursday's decline of over 2%. U.S. President Donald Trump suggested Tehran had tentatively accepted the plan, implying that Washington was getting close to a nuclear accord with Iran. However, sources close to the negotiations...