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Oil steady near $67 as US-EU trade talks intensify ahead of Trump's tariff deadline.
ByAinvest
Monday, Jul 21, 2025 7:38 pm ET1min read
Oil steady near $67 as US-EU trade talks intensify ahead of Trump's tariff deadline.
Title: Oil Steady Near $67 as US-EU Trade Talks Intensify Ahead of Trump's Tariff DeadlineJuly 02, 2025
Oil prices remained relatively stable on Wednesday, hovering near $67 per barrel, as investors weighed the potential economic impact of U.S. tariffs on global trade. The Brent crude futures and U.S. West Texas Intermediate (WTI) crude futures both saw slight declines, with Brent easing by 17 cents to $68.54 a barrel and WTI down by 11 cents to $66.41 [1].
The market's cautious stance was driven by ongoing trade negotiations between the United States and the European Union, with a looming tariff deadline set for August 1. U.S. President Donald Trump has threatened a 30% tariff on EU imports, which European officials have deemed unacceptable [1].
The European Commission is preparing to target $84.1 billion worth of U.S. goods for possible tariffs if talks fail, further escalating trade tensions [1]. Despite these concerns, signs of stronger Chinese crude consumption provided some support to oil prices, as Chinese state-owned refiners ramped up production to meet higher third-quarter fuel demand [1].
OPEC's monthly report forecasted a better global economic outlook for the second half of the year, boosting oil demand prospects [1]. However, U.S. crude, distillate, and gasoline stocks rose last week, potentially indicating a supply glut [1].
As trade talks between the U.S. and EU intensify, the market remains focused on the potential impact of Trump's tariffs on the global economy and oil demand. The coming weeks will be crucial in determining how these trade tensions will affect oil prices.
References
1. [NUMBER:1] https://www.marketscreener.com/quote/index/S-P-GSCI-PETROLEUM-INDEX-46869201/news/Oil-prices-steady-as-investors-weigh-trade-war-impact-50518709/
2. [NUMBER:2] https://www.foxbusiness.com/politics/timeline-where-tariffs-stand-now-winding-road-led-us-here
3. [NUMBER:3] https://abcnews.go.com/Business/trumps-aug-1-tariff-deadline/story?id=123921765
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