Oil maintains gains ahead of Trump-Putin summit
Sentiment was also boosted by strong economic data out of Japan, which is among the largest global crude importers.
Brent crude futures gained 16 cents, or 0.2 per cent, to US$67.00 a barrel by (0017 GMT). US West Texas Intermediate crude futures were up 14 cents, also 0.2 per cent, to US$64.10.
All eyes are on Friday's meeting of Trump and Russian leader Vladimir Putin in Alaska where a ceasefire in the Ukraine war is at the top of the agenda. A continued conflict between Russia and Ukraine supports oil markets by limiting the supply of Russian oil. Trump, however, also said he believes Russia is prepared to end the war in Ukraine. Fresh Japanese government data released on Friday showed the economy expanded an annualised 1.0 per cent in the April-June quarter, compared with a median market forecast for a 0.4 per cent increase.
The rise in gross domestic product (GDP) translated into a quarterly increase of 0.3 per cent, compared with a median estimate of a 0.1 per cent increase. Strong economic activity typically spurs oil consumption.
Prospects of higher-for-longer US interest rates, however, kept oil prices from rising further.
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