Oil prices rose on Monday after the U.S. reached a trade deal with the European Union (EU) and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand.
Brent crude futures inched up 22 cents, or 0.32 per cent to 68.66 dollars a barrel by 0035 GMT while U.S. West Texas Intermediate crude was at 65.38 dollars a barrel, up 22 cents, or 0.34 per cent.
The U.S.-European Union trade deal and a possible extension in U.S.-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said.
Though prices were up slightly on Monday, the prospect of OPEC+ further easing supply curbs limited the gains.
A market monitoring panel of the Organization of the Petroleum Exporting Countries (OPEC) and their allies is set to meet at 1200 GMT on Monday.
It is unlikely to recommend altering existing plans by eight members to raise oil output by 548,000 barrels per day in August, four OPEC+ delegates said last week.
