On Friday, oil prices experienced an uptick, driven by positive sentiment regarding a prospective trade agreement between the United States and the European Union, alongside reports indicating that Russia intends to limit gasoline exports to a majority of nations. Brent crude futures experienced an increase of 17 cents, representing a 0.3% rise, reaching $69.35 per barrel by. U.S. West Texas Intermediate crude futures experienced an increase of 15 cents, representing a 0.2% rise, reaching $66.18 per barrel.

Oil prices experienced a 1% increase on Thursday, influenced by media reports indicating anticipated reductions in Russian gasoline exports. This development eclipsed reports regarding Chevron Corp’s potential acquisition of U.S. approval to recommence production in Venezuela. The administration of President Donald Trump is reportedly making preparations to permit restricted oil activities in the OPEC nation that is currently under sanctions, according to the Wall Street Journal.

U.S. crude inventory draws and optimism regarding a potential trade agreement between the U.S. and the EU aimed at reducing tariffs were contributing to the rise in futures, which had previously declined earlier in the week due to concerns over an escalating global trade conflict. “I am encouraged by the way crude oil held and bounced away from the $65/64 support band this week, which keeps hopes intact of a rebound back towards $70,” said Tony Sycamore, an analyst at IG.

Data from the U.S. Energy Information Administration released on Wednesday indicated a significant decline in crude inventories, which decreased by 3.2 million barrels to a total of 419 million barrels. This reduction notably surpassed analysts’ expectations, as reflected in a Reuters poll that anticipated a draw of only 1.6 million barrels. On Wednesday, two European diplomats indicated that the EU and the U.S. are progressing towards a trade agreement that may feature a 15% baseline tariff on EU imports from the U.S., along with potential exemptions. This development may set the stage for an additional significant trade agreement subsequent to the arrangement with Japan.

Investors are poised to shift their attention to forthcoming economic data from the leading global economies and the largest oil consumer. This includes factory activity metrics from China and critical indicators from the United States, encompassing inflation, employment figures, and inventory statistics. “Next week presents significant data releases,” remarked IG’s Sycamore.