DTN Oil Update
Oil Futures Settle Higher on US-EU Trade Deal
DAVENPORT, Fla. (DTN) -- New York Mercantile Exchange oil futures ended higher Monday, lifted by easing demand concerns following progress in U.S.-EU trade discussions, while geopolitical tensions in Ukraine added upward pressure.
Adding pressure to oil futures, President Donald Trump said he would shorten the 50-day deadline previously given to Russian President Vladimir Putin to reach a ceasefire agreement, now calling for action within 10 to 12 days, citing the growing urgency to end the conflict.
NYMEX September West Texas Intermediate futures advanced $1.55 to $66.71 barrel (bbl), and ICE September Brent futures gained $1.79 to $70.23 bbl. September ULSD futures rose $0.04 to $2.4266 gallon, and RBOB futures settled $0.0382 higher at $2.1352 gallon. The U.S. Dollar Index strengthened 27.5 points to 97.399.
Crack spreads narrowed, with the diesel crack falling $1.13 to $34.74 bbl and the gasoline crack down 5 cents to $22.88 bbl.
Traders will now watch Tuesday's slate of U.S. economic reports, including July consumer confidence and job openings for further insight into fuel demand expectations ahead of the Federal Reserve's policy meeting set for July 29-30.
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