🛢️📈 Oil prices rebound as trade tensions ease and markets show optimism!
Brent crude prices rose above $65 per barrel after U.S. President Donald Trump announced an extension of the deadline for imposing additional tariffs on the European Union, easing the pressures that have affected the markets over the past weeks.
⬅️ Trump decided to postpone the tariffs until July 9 after a call with the President of the European Commission, which gave the markets a boost of optimism, coinciding with a rise in global stock markets as well.
📉 Oil had been under pressure since mid-January due to comprehensive tariffs and retaliatory measures, negatively impacting global demand forecasts. But now the indicators have started to turn partially positive.
🛢️ On the other hand, the anticipated OPEC+ meeting on Sunday is the most prominent event that the markets are awaiting, during which the production policy for July will be discussed amid expectations of a potential increase in supplies. Any significant increase could pressure prices again.
📊 Initial comment from Hans Rieken, Head of Commodity Strategy at Saxo Bank:
“The markets reacted to Trump's postponement of the tariffs as expected, and oil saw a slight rebound. Attention is now turning to the OPEC+ meeting and the possibilities of increased production.”.