Oil Updates — prices rise on US-EU trade deal, Trump’s shorter deadline for Russia
LONDON: Oil prices rose on Monday after a trade deal between the US and the EU and US President Donald Trump’s announcement that he would shorten the deadline set for Russia to end its war in Ukraine or face severe tariffs.
Brent crude futures were up $1.63, or 2.4 percent, at $70.07 a barrel by 3:17 Saudi time, while US West Texas Intermediate crude rose $1.62, or 2.5 percent, at $66.78.
Brent was trading close to its highest price in nearly 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days.
The deal between the US and EU and a possible extension of the US-China tariff pause are also supporting global financial markets and oil prices, said Tony Sycamore, a market analyst at IG.
