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Bloomberg
Oil traded near the highest closing level in more than two weeks on estimates that US crude inventories fell and as the prospect of a new US-Mexico trade pact spurred wider financial-market optimism.
Futures held near $69 a barrel in New York as President Donald Trump said the US is pursuing a new trade accord with Mexico to replace the North American Free Trade Agreement (NAFTA). Meanwhile, American crude inventories are forecast to have fallen further last week after slumping more than expected in the seven days to August 17.
“Pretty much in all of the financial front, things look bullish at the moment,†said Michael Poulsen, an analyst at Global Risk Management Ltd.
West Texas Intermediate crude for October delivery rose 9 cents to $68.96 a barrel on the New York Mercantile Exchange in London.
Brent crude for October settlement rose 40 cents to $76.61 a barrel on the London-based ICE Futures Europe exchange.