Oil prices gained in early Asian trade on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hurt the global economy and fuel demand.
Brent crude futures rose 37 cents, or 0.6%, to $65.15 a barrel by 0001 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.6%, at $61.87 a barrel.
“A nice push higher in crude oil and U.S. equity futures this morning after U.S. President Trump extended the deadline,” IG market analyst Tony Sycamore said.
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.
Trade and tariff headlines, along with ongoing fiscal concerns are going to be the main wild card for risk sentiment and crude oil this week, Sycamore said.
