Oil rises 3% on U.S.-China trade hopes, but set for weekly drop

NEW YORK (Reuters) - Oil prices rose nearly 3% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers.Brent crude was up $1.62, or 2.7%, at $61.24 a barrel by 1:30 p.m. ET (1601 GMT), but remained on course for a drop of about 1.2% for the week.West Texas Intermediate crude rose $1.56, or 2.9%, to $55.74 a barrel but was on track for a weekly loss of more than..