Oil prices were stable 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 38 cents, or 0.55%, at $69.56 a barrel at 0755 GMT. U.S. West Texas Intermediate crude futures were up 34 cents, or 0.51%, to $66.37.

Brent was heading for a 0.4% weekly gain at that level, while WTI was down around 1.44% 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.

Oil, along with stock markets, gained support from the prospect of more trade deals between the United States and trading partners ahead of an August 1 deadline for new tariffs on goods from an array of countries.

After the U.S. and Japan unveiled a trade deal on Wednesday, two European diplomats said the European Union was moving towards a deal involving a baseline U.S. tariff of 15% on EU imports, plus possible exemptions.

Source : Reuters