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Oil prices inched higher on Monday after the U.S. and European Union (EU) reached a trade agreement that alleviated tariff concerns and boosted expectations for future energy demand.<\/p>\n\n\n\n
As of 21:47 ET (01:47 GMT)<\/strong>, Brent Oil Futures<\/strong> for September delivery were up 0.3%<\/strong>, trading at $68.66<\/strong> a barrel, while West Texas Intermediate (WTI)<\/strong> crude futures also gained 0.3%<\/strong>, reaching $65.36<\/strong> a barrel.<\/p>\n\n\n\n The slight rebound came after both benchmarks fell to three-week lows<\/strong> on Friday, driven by expectations of increased oil supply from Venezuela.<\/p>\n\n\n\n The market saw improved sentiment following the announcement of a U.S.\u2013EU framework trade deal<\/strong> on Sunday. This agreement includes a 15% tariff<\/strong> on EU goods entering the U.S., down from the previously proposed 30%<\/strong>, and signals a positive shift in trade relations.<\/p>\n\n\n\n In addition to the tariff reduction, the deal includes provisions for the EU to purchase $750 billion<\/strong> worth of U.S. energy over several years, including crude oil<\/strong> and liquefied natural gas (LNG)<\/strong>. The EU also committed to purchasing hundreds of billions of dollars<\/strong> in U.S. military equipment and making $600 billion<\/strong> in investments.<\/p>\n\n\n\n This trade deal was viewed as a boost for global economic activity and cross-border commerce, driving up expectations for higher energy demand<\/strong> through increased transportation and industrial energy use.<\/p>\n\n\n\n The deal\u2019s energy provisions also supported oil prices, strengthening long-term demand expectations for U.S. energy exports<\/strong>, especially crude oil<\/strong> and LNG<\/strong>.<\/p>\n\n\n\n While the trade deal provided a boost to oil markets, investor sentiment remained cautious as they eyed President Donald Trump\u2019s<\/strong> August 1 tariff deadline<\/strong>. Traders are awaiting further clarity on U.S. trade policy, particularly with respect to ongoing trade tensions.<\/p>\n\n\n\n Gains in oil prices were tempered by expectations of rising global supply<\/strong>. OPEC+<\/strong> is expected to modestly increase output in August<\/strong>, and there are signs that Venezuelan crude<\/strong> could re-enter the market if U.S. sanctions are eased.<\/p>\n\n\n\n An OPEC+ committee<\/strong> is set to meet on Monday<\/strong> to assess the oil market ahead of the August 3 meeting<\/strong>, where production policy for September will be decided. Reports indicate that the cartel is likely to announce another output hike.<\/p>\n\n\n\n Additionally, the market is awaiting updates from the U.S. Federal Reserve<\/strong> as the central bank begins its two-day policy meeting<\/strong> on Tuesday<\/strong>. The Fed is widely expected to leave interest rates unchanged, but traders are closely watching for signals on potential rate cuts later this year.<\/p>\n\n\n\n Later this week, attention will turn to key U.S. economic data<\/strong>, including the June PCE inflation index<\/strong> and the July jobs report<\/strong>, which could provide more insight into the health of the U.S. economy and its potential impact on energy demand.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices inched higher on Monday after the U.S. and European Union (EU) reached a trade agreement that alleviated tariff concerns and boosted expectations for future energy demand. As of 21:47 ET (01:47 GMT), Brent Oil Futures for September delivery were up 0.3%, trading at $68.66 a barrel, while West Texas Intermediate (WTI) crude futures …<\/p>\n","protected":false},"author":9,"featured_media":60920,"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":[38,6827,49,36],"tags":[],"class_list":["post-117073","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/117073","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=117073"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/117073\/revisions"}],"predecessor-version":[{"id":117074,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/117073\/revisions\/117074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=117073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=117073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=117073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}U.S.\u2013EU Trade Agreement Boosts Risk Appetite<\/strong><\/h3>\n\n\n\n
Cautious Sentiment Ahead of August 1 Tariff Deadline<\/strong><\/h3>\n\n\n\n
OPEC+ Output Hike and Fed Meeting Weigh on Prices<\/strong><\/h3>\n\n\n\n
U.S. Fed Meeting and Economic Data<\/strong><\/h3>\n\n\n\n