<\/p>\n\n\n\n
Oil prices rose on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing fears of imminent tariffs that could have dampened global fuel demand.<\/p>\n\n\n\n
As of 09:19 GMT<\/strong>, Brent crude futures<\/strong> were up 39 cents<\/strong>, or 0.6%<\/strong>, at $65.17<\/strong> per barrel, while West Texas Intermediate (WTI)<\/strong> crude gained 33 cents<\/strong>, or 0.5%<\/strong>, to $61.86<\/strong> per barrel.<\/p>\n\n\n\n Market activity was expected to remain subdued due to the U.S. Memorial Day holiday<\/strong>, which typically sees lighter trading volumes.<\/p>\n\n\n\n Trump\u2019s decision followed a request from European Commission President Ursula von der Leyen<\/strong>, who urged for more time to strike a trade agreement. The new deadline for the talks has been set for July 9<\/strong>, providing temporary relief to market participants concerned about the impact of tariffs on economic growth and energy consumption.<\/p>\n\n\n\n Adding to geopolitical tensions, Trump said on social media that Russian President Vladimir Putin<\/strong> had “gone absolutely CRAZY” by launching the largest aerial assault of the war on Ukraine. He indicated that new sanctions on Moscow were under consideration, a move that could further disrupt global oil markets.<\/p>\n\n\n\n Brent and WTI prices also found support on Friday<\/strong>, as limited progress in U.S.-Iran nuclear talks<\/strong> dampened expectations of additional Iranian crude supply returning to global markets. The lack of a breakthrough in negotiations continues to underpin prices, given the potential for sanctions relief to unlock significant volumes of Iranian oil.<\/p>\n\n\n\n Traders also covered positions ahead of the long Memorial Day weekend<\/strong>, further supporting prices.<\/p>\n\n\n\n Meanwhile, U.S. rig count data from Baker Hughes<\/strong> added to bullish sentiment, with the number of operating oil rigs falling by eight to 465<\/strong>, marking the lowest level since November 2021<\/strong>. The decline signals the potential for tighter U.S. supply in the coming months.<\/p>\n\n\n\n However, gains were capped by speculation that OPEC+<\/strong> may decide to raise output at its upcoming meeting on Sunday<\/strong>. Reports suggest the group is considering an additional 411,000 barrels per day (bpd)<\/strong> increase in July, part of a broader plan to gradually unwind its voluntary 2.2 million bpd<\/strong> production cuts by the end of October<\/strong>. OPEC+ has already lifted targets by about 1 million bpd<\/strong> for April through June.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices rose on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing fears of imminent tariffs that could have dampened global fuel demand. As of 09:19 GMT, Brent crude futures were up 39 cents, or 0.6%, at $65.17 per barrel, while West Texas Intermediate (WTI) crude …<\/p>\n","protected":false},"author":9,"featured_media":95641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[],"class_list":["post-114822","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=114822"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114822\/revisions"}],"predecessor-version":[{"id":114823,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114822\/revisions\/114823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95641"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=114822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=114822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=114822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}