Doha: Oil prices rose in early Asian trading on Friday, supported by optimism over a potential trade agreement between the United States and the European Union. Brent crude futures rose 17 cents, or 0.3 percent, to USD 69.35 per barrel (pb). U.S. West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.2 percent, to USD 66.18 pb.
According to Qatar News Agency, oil settled up 1 percent yesterday, driven by reports of expected cuts in Russian gasoline exports. Drawing US crude inventories and hopes for a trade agreement between the United States and the European Union to reduce tariffs contributed to the rise in futures, which had declined earlier in the week due to concerns about an escalation in the global trade war.
Data from the US Energy Information Administration on Wednesday showed that crude oil inventories fell by 3.2 million barrels last week to 419 million barrels, far exceeding expectations for a 1.6 million barrel drop.