Oil prices rose on July 25 amid optimism about the progress of US trade talks with its partners.
This was reported by Economic Pravda with reference to Reuters.
The report said that Washington signed a trade agreement with Japan this week, and media reported that the EU and the US are also close to concluding an agreement.
On Thursday, Minister of Industry and Supply of India said that he was optimistic about the possibility of signing an agreement with the US by August 1, when the tariffs announced earlier by US President Donald Trump are due to come into force.
In the case of India, they could be 26%.
September Brent futures are at USD 69.33 per barrel, up USD 0.15 (0.22%) from the close of the previous session.
On Thursday, these contracts increased in price by USD 0.67 (0.98%), to USD 69.18 per barrel.
September WTI oil futures on electronic trading on the New York Mercantile Exchange (NYMEX) rose by USD 0.15 (0.23%), to USD 66.18 per barrel.
According to the results of the previous session, the value of these contracts increased by USD 0.78 (1.2%), to USD 66.03 per barrel.
The progress of US trade negotiations with their partners is easing traders' concerns about the prospects for the global economy and, accordingly, demand for oil.
The associated optimism outweighs news about a possible increase in crude supplies from Venezuela, ING experts note.
The day before, The Wall Street Journal reported, citing sources, that the American Chevron has regained the right to continue oil production in Venezuela.
Oil exports from Venezuela could then increase by more than 200,000 barrels per day, which is good news for US refiners, according to an ING review.
As Ukrainian News Agency earlier reported, oil prices rose on Friday, July 18, as the market reacted to a series of drone attacks on oil facilities in northern Iraq, as well as to the increase in demand typical of the summer season.
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