Oil Edges Higher on US-EU Trade Deal

WTI crude oil futures rose to around $65.3 per barrel on Monday, following the announcement of a US-EU trade agreement. On Sunday, US President Donald Trump and European Commission President Ursula von der Leyen unveiled the deal, which imposes a 15% tariff on most European goods—avoiding Trump’s earlier threat of a 30% rate. The agreement mirrors key elements of the framework reached between the US and Japan last week. These developments fueled optimism over a further easing of global trade tensions, potentially strengthening expectations for crude demand. Meanwhile, investors are also keeping a close eye on this week’s release of the first survey-based estimates for OPEC production in July, which will provide insight into the extent to which the five OPEC members participating in voluntary output cuts have increased their production levels.