Oil rises on Japan trade deal and stronger demand indicated by US inventories
Brent crude futures rose 33 cents, or 0.48 per cent, to US$68.92 a barrel by 0023 GMT. US West Texas Intermediate crude futures rose 33 cents, or 0.51 per cent, to US$65.64 per barrel.
President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that includes a 15 per cent tariff on US imports from Japan. He also said Japan had agreed on US$550 billion in investments in the US
Oil had fallen in the previous session after the EU said it was considering countermeasures against US tariffs, as hope faded for a deal ahead of the August 1 deadline.
And US crude oil stockpiles were expected to have fallen last week, along with distillate and gasoline inventories, an extended Reuters poll showed on Tuesday.
Nine analysts polled by Reuters ahead of weekly inventory data estimated on average that crude inventories fell by about 1.6 million barrels in the week to July 18.
US crude and gasoline stocks fell last week while distillate inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.
In another bullish sign for the market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine.
The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. But analysts said a lack of US participation would hinder the effectiveness of the package.
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