Oil steadies as US-China meeting comes into focus

LONDON, Oct 29 (Reuters): Oil prices steadied on Wednesday as investors weighed optimism over a meeting between the leaders of top consumers the US and China against an expected increase in production quotas from the next OPEC+ meeting.

Brent crude futures were up 11 cents, or 0.2 per cent, to $64.51 a barrel at 1020 GMT, while US West Texas Intermediate crude futures gained 6 cents, or 0.1 per cent, to $60.21. China's foreign ministry said Chinese President Xi Jinping would meet US President Donald Trump on Thursday in the South Korean city of Busan.

It said the meeting would "inject new momentum into the development of US-China relations", adding that Beijing was ready to work together for "positive outcomes".