FX.co ★ Brent Crude Oil Rises to $70

On Monday, Brent crude oil futures experienced an increase of over 2%, reaching $70 per barrel. This surge was driven by growing optimism surrounding a trade agreement between the US and the EU, alongside new remarks from President Trump concerning Ukraine. Trump indicated that the EU had consented to purchase $750 billion worth of US energy, although the specifics remain undisclosed. Additionally, he mentioned the possibility of shortening the 50-day deadline imposed on Russia to agree to a ceasefire in Ukraine, citing dissatisfaction with Putin's inaction. Previously, Trump had threatened to impose 100% tariffs on Russia if a truce was not achieved. Despite the current uplift in oil prices, long-term issues persist. Trump's trade threats have heightened concerns about a slowdown in global growth, potentially impacting energy demand adversely. Concurrently, OPEC+ is anticipated to further increase its production targets, thereby heightening the risk of an oversupply. In parallel, US and Chinese officials are engaging in discussions regarding trade, with indications that they might extend their current tariff truce.