LONDON: Oil prices held steady on Friday, as optimism about trade talks boosted the outlook for both the global economy and oil demand, offsetting news of increased oil supply from Venezuela. Brent oil futures rose 28 cents, or 0.4 percent, to $69.46 a barrel at 3:11 p.m. Saudi time. US West Texas Intermediate oil futures rose 27 cents, or 0.41 percent, to $66.30.
Brent was on track for a 0.3 percent weekly gain at that level, while WTI was down around 1.5 percent from where it finished last week. Brent prices have been essentially range-bound between $67 and $70 per barrel for the past month, following a dramatic decrease in prices in late June following the de-escalation of the Iran-Israel crisis.
According to PVM analyst John Evans, oil prices are “largely in a holding pattern caused by inconclusive specific oil drivers.” The likelihood of further settlements between the US and trading partners ahead of an August 1 deadline for new tariffs on products from a variety of nations boosted oil prices and financial markets.
After the United States and Japan reached a trade agreement this week, two European officials said the EU was working on a deal that would include a baseline US tariff of 15% on EU imports, with optional exclusions. Trade talk optimism appears to be offsetting expectations for stronger Venezuelan supply,” ING analysts said in a client note on Friday.
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