DTN Oil Update
Oil Futures Extend Gains on Trade Deal, Russia Deadline
DAVENPORT, Fla. (DTN) -- Oil futures extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce, and President Donald Trump's shorter deadline for Russia to end the Ukraine war. On Monday, oil futures rallied over 2%.
Energy markets are gaining momentum while financial markets continue to monitor developments in Washington's ongoing trade discussions with several economies, following recent tariff agreements with both the European Union and Japan. Recent activity suggests a firmer tone in global trade, with commodity markets responding to easing tariff tensions and renewed trade engagement between major economies.
WTI traded above last week's high, reaching $67.47 bbl this morning. Brent also traded as high as $70.40 bbl.
Front-month NYMEX WTI September futures rose $0.71 to $67.42 bbl, while ICE Brent September gained $0.58 to $70.62 bbl.
NYMEX ULSD August futures fell 0.42cts to $2.3994 gallon, and RBOB August futures advanced 3.19cts to $2.1671 gallon.
The U.S. Dollar Index rose 0.430 points to 98.825.
Market participants are looking into U.S. economic data this morning, with attention focused on the latest reports for consumer confidence and job openings. The data is being closely watched for signs of resilience in the labor market and consumer sentiment, both of which are key indicators for near-term fuel demand and broader economic momentum.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
