WASHINGTON (dpa-AFX) - Oil prices traded higher on Friday, adding to the previous session's sharp gains, buoyed by hopes for more trade deals ahead of U.S. President Donald Trump's August 1 deadline for new tariffs on goods from an array of countries.
Benchmark Brent crude futures rose 0.4 percent to $69.46 a barrel in European trade, with reports about potential higher Venezuelan supply limiting the upside. WTI crude futures were up 0.4 percent at $66.29.
Both contracts jumped over 1 percent on Thursday after the release of bullish inventory data.
There is increased optimism surrounding a potential trade agreement between the U.S. and the European Union after EU diplomats suggested the U.S. had proposed a broad 15 percent tariff on most European imports.
Easing trade tensions boosts economic activity and cross-border commerce, which in turn drives up oil demand through increased transportation and industrial energy use.
Expectations of Russian export restrictions also supported prices. The Russian government has prepared a draft resolution to impose a complete ban on gasoline exports, Kommersant reported, citing sources familiar with the matter.
Meanwhile, analysts said the U.S. government's decision to restore Chevron Corp.'s ability to pump oil in Venezuela could see Venezuelan oil exports increase by more than 200,000 barrels a day and ease some tightness in the heavier crude market.
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