Oil prices rose 1% on Thursday due to U.S. crude draws and expected cuts to Russian gasoline exports, despite news that Chevron will renew production in Venezuela. Brent settled at $69.18 a barrel, up 0.98%, while WTI finished at $66.03, up 1.20%.

Crude initially fell on news of limited oil operations in Venezuela, but rebounded as Russia planned to cut gasoline exports. The market also reacted positively to a U.S. crude inventory draw and hopes for a trade deal between the U.S. and the EU that could lower tariffs.

“The news about Chevron in Venezuela took the knees out of the market,” said John Kilduff. However, the market did not expect other U.S. oil companies to follow suit. Oil prices were also boosted by Russia’s plan to cut off gasoline exports and potential trade agreements between the U.S. and the EU.

Read more at Yahoo Finance: Crude finishes with 1% gain on supply concerns and US crude draws