Oil Prices Rise on Trade Deal Optimism

Crude oil prices experienced a significant increase, climbing more than 1% on Tuesday. This surge comes in the wake of a newly announced trade agreement between the United States and the European Union, sparking hope among investors for a potential extension of the trade truce between the US and China.

Market Reactions

West Texas Intermediate (WTI) for September's settlements saw a rise of 1.32% at 10:19 am ET, reaching $67.52 per barrel. Similarly, Brent for the same month's deliveries increased by 1.21% at 10:20 am ET, trading at $70.86 per barrel.

Ongoing Negotiations

The ongoing negotiations between the US and China in Stockholm today further fuel the market's optimism, as investors closely watch for any signs of a prolonged trade truce.