Oil prices rose on May 26 after US President Donald Trump extended the deadline for trade talks with the European Union, easing concerns about the impact of US tariffs on the EU, which could hurt the global economy and fuel demand.
Economic Pravda reported this with reference to Reuters.
The report said that Brent crude futures rose 26 cents, or 0.4%, to USD 65.04 a barrel, while the price of US West Texas Intermediate crude rose 24 cents, or 0.39%, to USD 61.77 a barrel.
"There is a nice rise in crude oil futures and US stocks this morning after US President Trump extended the deadline," said IG market analyst Tony Sycamore.
Trump said he had agreed to extend trade talks with the European Union until July 9.
Headlines on trade and tariffs, as well as ongoing fiscal concerns, will be the main drivers of risk sentiment and crude oil this week, Sycamore said.
Brent and WTI crude prices extended gains after gaining 0.5% on Friday as limited progress in U.S.-Iran nuclear talks eased concerns about more Iranian oil returning to global markets and as U.S. buyers closed positions ahead of the three-day Memorial Day weekend.
Prices were also supported by data from energy company Baker Hughes that showed U.S. firms, pressured by lower oil prices, cut the number of active oil rigs by 8 to 465 last week, the lowest since November 2021.
The rise was capped by expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, could decide to increase output by another 411,000 barrels per day (bpd) in July at a meeting next week.
As the Ukrainian News agency earlier reported, oil prices fell on Monday, May 19, amid a downgrade of the U.S. credit rating by Moody's and weak economic data from China.
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