Oil prices gain on Russian gasoline ban, US trade optimism, crude inventories

Oil prices rose on Thursday, lifted by expected cuts in Russian gasoline supply and optimism over U.S. trade negotiations that would ease pressure on the global economy, with a further boost from a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 80 cents, or 1.17%, to $69.31 a barrel by 10:52 a.m. CDT (1552 GMT). U.S. West Texas Intermediate crude futures climbed 97 cents, or 1.49% to $66.22 per barrel. "Russia looking to cut off gasoline exports gave the market a boost," said Phil Flynn, senior analyst with Price Futures Group. "The market was looking for a reason to go higher." Three industry sources told Reuters that Russia was considering a tighter export ban as early as Monday that would include fuel producers. The restrictions will exclude supplies to the Moscow-led Eurasian Economic Union, a group of five former Soviet states, and to countries such as Mongolia with which Russia has intergovernmental agreements on fuel supplies, the sources said.