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Oil prices edged higher in early Asian trading Monday after U.S. President Donald Trump extended the deadline for trade talks with the European Union, easing fears of looming tariffs that could weigh on global growth and oil demand. Brent crude rose 37 cents (0.6%) to $65.15 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed 34 cents (0.6%) to $61.87 by 0001 GMT.
Analyst Tony Sycamore of IG Markets noted the "nice push higher" in both crude and U.S. equity futures following the deadline extension. Trump said he granted the EU’s request, led by Commission President Ursula von der Leyen, for more time to strike a trade deal, pushing the deadline to July 9.
Oil prices also gained momentum after limited progress in U.S.-Iran nuclear negotiations reduced fears of increased Iranian crude supply. Additionally, pre-Memorial Day short covering by U.S. buyers contributed to Friday’s 0.5% gain in both Brent and WTI.
Further supporting prices was the latest report from Baker Hughes, showing U.S. energy firms cut the number of active oil rigs by eight last week, bringing the total to 465—the lowest since November 2021—amid pressure from recent price softness.
However, upside remained capped by expectations that OPEC+ could increase production further. The group may raise July output by an additional 411,000 barrels per day (bpd), with Reuters reporting plans to fully unwind its remaining 2.2 million bpd voluntary cuts by the end of October. The group had already adjusted targets upward by 1 million bpd for April through June.
Global oil markets remain sensitive to geopolitical developments, trade negotiations, and supply-side adjustments, all of which will shape near-term crude price trends.
