Oil Edges up after Trump Extends EU Trade Talks Deadline
Oil prices rose on Monday after US President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about US tariffs on the bloc that could hit fuel demand.
Brent crude futures rose 39 cents, or 0.6%, to $65.17 a barrel by 0919 GMT while US West Texas Intermediate crude was up 33 cents, or 0.5%, at $61.86 a barrel.
“Trump’s pivot, by postponing higher tariffs for the EU, and his comments on possible sanctions on Russia are moderately supporting crude prices today,” UBS analyst Giovanni Staunovo said.
He added Monday’s US Memorial Day holiday was likely to limit volumes of trade on the oil market.
Trump said he agreed to extend a deadline for trade talks with the European Union until July 9 after Ursula von der Leyen, president of the European Commission, said the bloc needed more time to strike a deal.
Trump separately said in a social media post that Russian President Vladimir Putin had “gone absolutely CRAZY” by unleashing the largest aerial attack of the war on Ukraine and that he was weighing new sanctions on Moscow.
