Oil Rises as Trade Talk Progress Undercuts Eased Venezuela Curbs

Oil gained as technical support turbocharged a rally sparked by progress in international trade talks, undercutting a US move to restore Chevron Corp.’s ability to pump oil in Venezuela.

West Texas Intermediate climbed 1.2% to settle above $66 a barrel, following four sessions of declines. The European Union and the US are progressing toward a deal that would set a 15% tariff for most imports, similar to the one President Donald Trump struck with Japan. That would be a smaller rate than investors feared, with the US president earlier threatening a 30% levy on most goods if an agreement wasn’t reached by Aug. 1.