Oil ascends after America extends the deadline for trade negotiations with Europe until July

Oil prices increased in the start of Asian trading today by 0.15%, after US President Donald Trump’s decision to extend the deadline for trade negotiations with the European Union, which contributed to calming fears of imposing possible American customs duties that negatively affect the global economy and demand for fuel.

Brent crude futures rose to $ 65 a barrel by 03:00 GMT, while Texas crude rose to about $ 62 a barrel.

The IG Market analyst Tony Sikammour said, “We have witnessed a good increase in crude oil and American futures for futures this morning after America has extended the deadline,” adding that “the addresses of news related to trade and fees, along with continuous financial concerns, are decisive factors that affect the morale of risk and oil prices during this week.”

Trump announced his approval to extend the deadline for trade negotiations with the European Union until July 9, after European Commission President Ursula von der confirmed that the Union needs more time to reach an agreement.

Brent and Texas, in support of their gains after they closed a session on Friday, an increase of 0.5%, with concerns about Iran’s oil returning to global markets after the limited progress in nuclear talks between Washington and Tehran, in addition to the American buyers covering their positions before the 3 -day anniversary holiday.

Prices also jumped driven by the data of the Energy Services Company, Baker Hughes, which showed that American companies were under pressure from oil prices, reduced the number of oil exploration platforms by 8 to 465 during the past week, which is the lowest level since November 2021.

The OPEC+coalition, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, will hold meetings next week, which is expected to result in another increase in production of 411 thousand barrels per day for the month of July.

Reuters explained this month that the group may abandon the rest of the voluntary discounts of 2.2 million barrels per day by the end of October, after it has already raised production goals by about one million barrels per day for the months of April, May and June.