“Oil prices rose after Trump extended trade talks with the EU until JulyOil prices rose after Trump extended trade talks with the EU. Also, limited progress in talks between the US and Iran reduced concerns about Iranian oil.”, — write: unn.ua
DetailsBrent crude futures rose 26 cents, or 0.4%, to $65.04 a barrel by 04:33 GMT (07:33 Kyiv time), while US West Texas Intermediate crude rose 24 cents, or 0.39%, to $61.77 a barrel.
“A nice boost in crude oil and US stock futures this morning after US President Trump extended the deadline,” said IG market analyst Tony Sycamore.
Trump said he had agreed to extend trade talks with the EU until July 9 after European Commission President Ursula von der Leyen said the bloc needed more time to reach a deal.
Trump postponed the introduction of a 50% duty on trade with the EU until July 926.05.25, 04:05 • 3194 views
Headlines about trade and tariffs, as well as ongoing fiscal issues, will be the main dark horses for risk and oil sentiment this week, Sycamore said.
Brent and WTI continued to rise in price after rising 0.5% on Friday, amid limited progress in nuclear talks between the US and Iran reducing fears of more Iranian oil returning to global markets, and as US buyers closed positions before a three-day Memorial Day weekend.
Prices were also supported by data from energy services company Baker Hughes, which showed that US companies, under pressure from low oil prices, cut the number of active oil rigs by 8 to 465 last week, the lowest level since November 2021.
Gains were limited by expectations that the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, may decide to increase production by another 411,000 barrels per day in July at a meeting next week.
Suvro Sarkar, a leading energy analyst at DBS Bank, said oil was already under pressure due to OPEC+’s accelerated production increase strategy and a “mini oil price war.”
“Any rise in prices is likely to be contained by the OPEC+ decision in the coming days,” he added.
This month, Reuters reported that the group could cancel part of its voluntary production cut of 2.2 million barrels per day by the end of October, having already raised production targets by about 1 million barrels per day for April, May and June.
OPEC+’s decision to increase production should ensure that the market has sufficient supply in the second half of this year, ING commodity strategy chief Warren Patterson wrote in a client note.
Oil prices head for first weekly loss since April on prospect of OPEC+ supply increase23.05.25, 10:40 • 3882 views