Crude oil futures ended higher on Monday after European Union and the US struck a last-minute trade deal ahead US President’s tariff deadline of August 1. The trade deal helped to cool down the fears on trade war as the deal with EU came just days after US struck a deal with its another major economic partner Japan. The US-EU trade deal allows the US to slap a 15% tariff on all EU exports to the US; much lower than the earlier proposed 30% tariff.
Benchmark crude oil futures for September surged $1.56 or about 2.39% at $66.71 a barrel on the New York Mercantile Exchange. Brent crude for September jumped $1.60 or about 2.34% at $70.04 a barrel on London's Intercontinental Exchange.