Oil Holds Advance as US Trade Deal With Vietnam Lifts Sentiment
Oil steadied after its biggest gain in almost two weeks, as a US trade deal with Vietnam boosted optimism further agreements will be made by next week’s cutoff.
West Texas Intermediate traded above $67 a barrel after surging more than 3% on Wednesday, with Brent crude closing near $69. The deal with Vietnam would be just the third announced following agreements with the UK and China, as trading partners race to cut agreements with the US ahead of a July 9 deadline.
Crude has been buffeted in recent weeks, surging and collapsing along with perceived geopolitical risk in the Middle East, although trading has calmed in recent days. Focus is returning to trade talks, and the associated tariffs that threaten oil demand, as well as to Sunday’s OPEC+ meeting, at which the producer group is widely expected to agree on another bumper increase in supply.
Prices:
WTI for August delivery fell 0.3% to $67.27 a barrel at 7:28 a.m. in Singapore.
Brent for September settlement closed 3% higher at $69.11 a barrel.
Source: Bloomberg
