WASHINGTON (dpa-AFX) - Oil prices rose about 1 percent on Thursday, with a weaker dollar and data showing a larger-than-expected drop in U.S. crude inventories boosting prices.
Brent crude futures for September delivery jumped 0.9 percent to $69.11 a barrel in European trade, while WTI crude futures for September delivery were up 1.1 percent at $65.96.
The dollar edged higher today but remained at low levels ahead of the ECB's interest-rate decision later in the day.
Investors cheered signs of strong demand in the U.S., the world's largest oil consumer.
According to the Petroleum Status Report by the Energy Information Administration, crude oil inventories in the U.S. fell by 3.169 million barrels for the week ending July 18, surpassing market expectations of a 1.4-million-barrel draw.
Meanwhile, there is renewed optimism surrounding U.S. trade negotiations, with reports suggesting that the U.S. and EU are edging closer to a trade deal.
A possible deal would result in a broad 15 percent tariff on EU goods imported into the U.S., avoiding a harsher 30 percent levy slated to be implemented from August 1, two EU diplomats said.
U.S. Secretary of the Treasury Scott Bessent told Bloomberg Television that the talks were 'going better than they had been', and that progress was being made.
Commerce Secretary Howard Lutnick said Japan's pledge of billions in U.S. investments 'could be' a model for the EU.
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