Oil Holds Loss as Trade Negotiations Intensify Before Deadline
Oil was little changed after two modest declines as talks between the US and its trading partners gain urgency ahead of next week's deadline.
West Texas Intermediate traded near $67 a barrel after closing lower for two sessions, while Brent settled near $69.European Union and US negotiators are heading into another week of intensive talks as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc's exports with 30% tariffs.
Meanwhile, US Treasury Secretary Scott Bessent said the next round of US-China talks could include a discussion of Beijing's purchases of Russian and Iranian oil. That could hamper progress, as Russia is China's biggest source of crude.
Oil has trended higher this month, but is still down about 6% this year as Trump's trade war threatens consumption and OPEC+ increases production. Prices have been whipped by developments in the Middle East, as well as ever-expanding sanctions on crude from producers including Russia and Iran.
WTI for August delivery, which expires Tuesday, was little changed at $67.13 a barrel at 7:33 a.m. in Singapore.
The more active September contract slipped 0.2% to $65.83 a barrel.
Brent for September settlement closed 0.1% lower at $69.21 a barrel on Monday.
Source: Bloomberg
