Dhaka, July 25 -- Oil prices rose on Friday as trade talk optimism supported the outlook for both the global economy and oil demand, outweighing news of the potential for more oil supply from Venezuela.

Brent crude futures touched a one-week high and was up 29 cents, or 0.42 per cent, at $69.47 a barrel as of 0310 GMT US West Texas Intermediate crude futures climbed 29 cents, or 0.44 per cent, to $66.32, according to Reuters.

Oil, along with stock markets, gained support from the prospect of more trade deals between the US and trading partners ahead of August 1, when the US will impose new tariffs on goods from an array of countries.

The United States announced a trade deal with Japan on Wednesday, after which two European diplomats sa...