Oil Updates — crude steady as investors weigh trade optimism against potential Venezuelan supply increase
LONDON: Oil prices were steady on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela.
Brent crude futures were up 28 cents, or 0.4 percent, at $69.46 a barrel at 3:11 p.m. Saudi time. US West Texas Intermediate crude futures were up 27 cents, or 0.41 percent, at $66.30.
Brent was heading for a 0.3 percent weekly gain at that level, while WTI was down around 1.5 percent from where it closed last week.
Brent prices have been largely range-bound between $67 and $70 a barrel for the last month, since the sharp drop in prices in late June after de-escalation in the Iran-Israel conflict.
