WASHINGTON (dpa-AFX) - Oil prices climbed on Monday amid optimism that the U.S.-EU trade deal could boost economic activity and lift energy demand.
Benchmark Brent crude futures jumped 0.90 percent to $68.27 in European trade, while WTI crude futures were up 0.7 percent at $65.63.
Concerns about a potentially painful trade war eased after the United States announced the 'biggest-ever' trade deal with the European Union, under which a 15-percent tariff would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals, and semiconductors.
U.S. President Donald Trump said the 27-nation EU bloc had agreed to purchase '$750 billion worth of energy' from the United States, as well as make $600 billion in additional investments as part of the deal, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement.
Meanwhile, senior U.S. and Chinese negotiators are due to meet in Stockholm later today, with reports suggesting that the world's two biggest economies could agree a 90-day extension to their trade war truce.
The meeting of the Joint Ministerial Monitoring Committee (JMMC), which includes top ministers from the OPEC+ is scheduled to meet today and reports suggest that the cartel is unlikely to alter existing plans to raise output by 5,48,000 barrels per day in August.
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