Brent crude oil futures surged more than 2% to above $65 per barrel on Monday, reaching a two-week high, after the US and China agreed to pause most tariffs on each other's goods.
This major trade breakthrough signaled a cooling of tensions between the world's two largest oil consumers, reducing risks to oil demand. Reports indicated both nations agreed to a 90-day pause and a significant reduction in tariff levels, with each side cutting reciprocal tariffs by 115%.
Meanwhile, exerting bearish pressure on oil, OPEC+ plans to accelerate output hikes in May and June.
Also, a potential US-Iran nuclear deal added pressure, as it could ease concerns about global oil supply shortages. US and Iranian negotiators concluded talks in Oman on Sunday, with further discussions planned.
Source: Trading Economics
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