Oil Prices Climb after US-EU Trade DealSingapore, 28 Jul (ONA) — Oil prices today rose after the United States (US) clinched a trade deal with the European Union (EU) and may extend a tariff pause with China.
Brent crude futures inched up 22 cents, or 0.32%, to $68.66 a barrel.
US West Texas Intermediate crude stood at $65.38 a barrel, up 22 cents, or 0.34%.
The United States and European Union officially reached a tariff agreement on Sunday, averting a potentially crippling transatlantic trade war. The agreement imposes a uniform 15% US import tariff on most goods from the EU, significantly lower than the 30% rate Trump had threatened to implement by 1 August 2025.
Also, senior US and Chinese negotiators will meet in Stockholm later today aiming to extend a truce keeping sharply higher tariffs at bay ahead of the 12th August deadline.
Oil prices settled on Friday at their lowest in three weeks as global trade concerns and expectations of more oil supply from Venezuela weighed.— Ends/Khalid