Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Brent crude futures inched up 20 cents, or 0.29%, to $68.64 a barrel by 0336 GMT, while U.S. West Texas Intermediate crude stood at $65.31 a barrel, up 15 cents, or 0.23%.
"The U.S.-European Union trade deal and a possible extension in the U.S.-China tariff pause are supporting global financial markets and oil prices," IG markets analyst Tony Sycamore said.
"With the risk of a prolonged trade war and the importance of the August tariff deadlines being steadily defused, markets have responded positively," he added in a note.
Sunday's U.S.-EU framework trade pact sets an import tariff of 15% on most EU goods, half the threatened rate. The deal averted a bigger trade war between two allies that account for almost one-third of global trade and could crimp fuel demand.
Also set for Monday is a meeting in Stockholm of senior U.S. and Chinese negotiators aiming to extend before an 12 August deadline a truce holding off sharply higher tariffs.
Oil prices settled on Friday at their lowest in three weeks weighed down by global trade concerns and expectations of more oil supply from Venezuela.
State-run oil company PDVSA is readying to resume work at its joint ventures under terms similar to Biden-era licenses, once U.S. President Donald Trump reinstates authorisations for its partners to operate and export oil under swaps, company sources said.
Though prices were up slightly on Monday, gains were limited by the prospect of OPEC+ further easing supply curbs.
A market monitoring panel of the Organization of the Petroleum Exporting Countries (OPEC) and their allies is set to meet at 1200 GMT on Monday.
It is unlikely to recommend altering existing plans by eight members to raise oil output by 548,000 barrels per day in August, four OPEC+ delegates said last week, though another source said it was too early to say.
ING expects OPEC+ will at least complete the full return of 2.2 million barrels per day of the additional voluntary supply cuts by the end of September.
That would work out to a supply hike in September of at least 280,000 barrels per day. However, there is clearly room for a more aggressive hike according to experts.
The producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.
JP Morgan analysts said global oil demand rose by 600,000 bpd in July on year, while global oil stocks rose 1.6 million bpd.
In the Middle East, Yemen's Houthis said on Sunday they would target ships of companies that do business with Israeli ports, regardless of nationality, in what they called a fourth phase of military operations against Israel over the Gaza conflict.
Georgia and Armenia have resumed talks on their 225-kilometre border after years of limited progress, with disputes over historical boundaries, far...
China has extended the suspension of its additional 24 per cent tariff on U.S. goods for another two months, while keeping a 10 per cent levy in pl...
Russia and Ukraine are set to return to Abu Dhabi on Tuesday for a fourth round of U.S.-brokered peace talks, with European participation, security...
The gunman who allegedly killed six people in Poland’s unprecedented mass shooting in central Kraków on Saturday has died in hospital, police said early Monday. The attacker had demonstrated advanced military-style marksmanship skills, according to a spokesperson for the shooting club he attended.
Poland has declared two days of national mourning after a gunman opened fire in Kraków's historic main square. Investigators are examining possible far-right influences and the discovery of three bodies at the suspect's home.
Monday marks the second of two days of national mourning in Poland as police bolstered security after six people were killed in a mass shooting in Kraków.
The Saudi-led coalition fighting Yemen's Houthis said it intercepted and destroyed two ballistic missiles fired by the Iran-aligned group towards Riyadh on Sunday (8 November), after loud booms were heard in the Saudi capital. The Aramco building was damaged by falling debris.
Azerbaijan is marking the sixth anniversary of Victory Day on Sunday, 8 November, with President Ilham Aliyev visiting the Victory Monument in Khankendi, laying a wreath and paying tribute to servicemen killed during the 44-day Second Garabagh War in 2020.
Nvidia has launched an independent investigation into whether its chief executive, Jensen Huang, was targeted in a foreign intelligence operation, following allegations that a businesswoman with whom he had a relationship passed information to Beijing.
Australian design platform Canva has announced a major restructuring affecting 22 per cent of its workforce, with 1,271 employees facing job cuts, relocations or changes to their roles as the company grapples with slowing growth and rising AI costs.
British Petroleum (bp) spent nearly $1.5 billion with suppliers and contractors across Azerbaijan, Georgia and Türkiye in the first nine months of 2026, highlighting the economic reach of major energy projects beyond oil and gas production.
Seven OPEC+ countries agreed on Sunday, 1 November, to keep oil production targets unchanged for December, extending an earlier freeze. But with the Iran war disrupting supplies and prices fluctuating, what is really driving the global oil market?
Cryptocurrencies are volatile, and their crashes make headlines. But does a slump in digital coins ever spill over into the pounds, dollars and euros in people's bank accounts? The short answer is not directly, but indirectly it can, and regulators are increasingly worried about how.
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