Oil rises after US-EU trade deadline extension

Oil prices rose in early Asian trading on Monday, following US President Donald Trump’s decision to extend the trade negotiations deadline with the European Union. This helped ease concerns about potential US tariffs that would negatively impact the global economy and fuel demand.

Brent crude futures rose 37 cents, or 0.6%, to $65.15 a barrel, while US West Texas Intermediate (WTI) crude rose 34 cents, or 0.6%, to $61.87 a barrel.

The US president had previously announced his agreement to extend the trade negotiations deadline with the European Union until July 9, after European Commission President Ursula von der Leyen confirmed that the EU needed more time to reach an agreement.

Brent and WTI crude continued their gains after closing last Friday’s session up 0.5%.