Oil rises after US-EU deal trade

Singapore, SANA – Oil prices rose Monday after a trade agreement between the United States and the European Union, along with a possible extension of the suspension of tariffs with China, eased concerns about the impact of tariffs on global economic activity.

Reuters reported that Brent crude futures rose 20 cents, or 0.29 %, to $68.64 a barrel, while U.S. West Texas Intermediate crude settled at $65.31 a barrel, up 15 cents, or 0.23 %.

Sunday’s U.S.-EU trade pact sets an import tariff of 15% on most EU goods.

The deal averted a bigger trade war between two allies that account for almost one-third of global trade.

Etemad/Manar