Oil prices rise on Monday 

Oil prices edged higher on Monday after US President Donald Trump extended a deadline for trade talks with the European Union (EU) to July 9, easing concerns over potential tariffs and their impact on global demand.

Brent crude climbed 26 cents, or 0.4 per cent, to $65.04 a barrel, while US West Texas Intermediate (WTI) rose 24 cents, or 0.39 per cent, to $61.77 as of 0433 GMT.

The market was buoyed by reduced fears of increased Iranian supply after limited progress in US-Iran nuclear talks and by US buyers covering positions ahead of the Memorial Day weekend. A drop in US oil rigs, with Baker Hughes reporting a decline of eight rigs to 465 last week—the lowest since November 2021—also supported prices.

However, expectations that OPEC+ could raise output by 411,000 barrels per day for July at its upcoming meeting capped further gains. Analysts noted that any rally may be limited as the group continues to unwind voluntary production cuts of 2.2 million bpd by October, following a phased increase of around 1 million bpd for April through June.

Attribution: Reuters
Subediting: M. S. Salama