Oil prices rose slightly on Monday as investors reacted to a trade deal between the US and the European Union. Brent crude futures increased by 0.4% to $68.74 a barrel, while US West Texas Intermediate crude gained 0.4% to $65.43 a barrel.
The trade deal has boosted global financial markets and oil prices, according to analyst Tony Sycamore. “The US-European Union trade deal and a possible extension in the US-China tariff pause are supporting global financial markets and oil prices,” he said
However, oil prices pulled back from earlier gains as the stronger US dollar and lower oil imports by India weighed on prices. “Oil retreated from those levels as focus shifted to a stronger US dollar and lower oil imports by India,” said analyst Tamas Varga.
An OPEC+ panel is unlikely to change its plans to increase oil output when it meets on Monday, according to industry sources. ING expects OPEC+ to complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September.
The market is also watching developments in Venezuela, where state-run oil company PDVSA is preparing to resume work once US authorisations are reinstated. Meanwhile, tensions in the Middle East continue to affect the market, with Yemen’s Houthis threatening to target ships that do business with Israeli ports
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