Doha: Oil prices gained in early Asian trade on Monday after US President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about US tariffs that could hurt the global economy and fuel demand. Brent crude futures rose 37 cents, or 0.6%, to $65.15 a barrel while US West Texas Intermediate crude was up 34 cents, or 0.6%, at $61.87 a barrel.
According to Qatar News Agency, Trump agreed to extend the deadline for trade talks with the European Union until July 9, following a request from Ursula von der Leyen, president of the European Commission, who stated that the bloc required additional time to finalize a deal. This development has brought relief to markets worried about potential tariffs that could have negatively impacted global trade and oil consumption.
Both Brent and WTI crude prices had already shown positive momentum, having closed 0.5% higher on Friday, and continued to build on those gains following the announcement. The extension of the deadline is seen as a positive sign for ongoing negotiations, providing a temporary reprieve for industries concerned about the potential economic fallout from unresolved trade issues.