{"id":23199,"date":"2025-07-25T14:12:10","date_gmt":"2025-07-25T14:12:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/23199\/"},"modified":"2025-07-25T14:12:10","modified_gmt":"2025-07-25T14:12:10","slug":"oil-prices-climb-amid-u-s-eu-trade-hopes-and-russian-export-restrictions","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/23199\/","title":{"rendered":"Oil Prices Climb Amid U.S.-EU Trade Hopes and Russian Export Restrictions"},"content":{"rendered":"

Oil prices continued to move higher on Friday morning in Asia, supported by renewed optimism surrounding U.S.-EU trade negotiations and expectations that Russia will restrict gasoline exports. Even reports<\/a> of Chevron’s return to Venezuela, which analysts estimate could add around 200,000 barrels per day to global supply, have been unable to pull prices lower.<\/p>\n

At the time of writing, West Texas Intermediate (WTI<\/a>) crude was up 0.51% to $66.38 per barrel, while Brent<\/a> crude gained 0.48% to $69.51 per barrel.<\/p>\n

According to diplomatic sources, trade negotiations between the EU and the U.S. are progressing toward an agreement that could see a 15% baseline tariff applied to EU imports, with room for exemptions. This potential resolution, following recent deals with Japan and the Philippines, is helping to ease persistent demand-side anxieties driven by global economic uncertainties.<\/p>\n

\u201cThe crude market has found some comfort in the bounce off the $65\/64 support band this week, keeping hopes alive for a move back toward $70,\u201d said<\/a> Tony Sycamore, analyst at IG.<\/p>\n

Market participants are also eyeing upcoming macroeconomic data next week from both China and the U.S., including manufacturing activity, inflation, employment, and inventory figures\u2014all of which could influence near-term oil demand expectations.<\/p>\n

Adding fuel to the upward move, reports<\/a> emerged on Thursday that Russia may impose fresh restrictions on gasoline exports to most countries.<\/p>\n

Oil rallied over 1% during the previous session after these reports surfaced, reinforcing bullish sentiment that had been dented earlier in the week by fears of oversupply and global trade friction.<\/p>\n

Further supporting prices, U.S. crude inventories fell<\/a> by 3.2 million barrels last week to 419 million barrels, significantly exceeding expectations for a 1.6 million-barrel draw, according to data from the U.S. Energy Information Administration.<\/p>\n

Distillate stocks remain tight across global hubs. In the U.S., inventories are at their lowest seasonal level since 1996, despite a 2.93 million-barrel build last week. In Singapore, middle distillate stocks dropped by 1.19 million barrels week-on-week, while European gasoil inventories in the ARA region slid to 1.75 million tonnes\u2014their lowest since January 2024.<\/p>\n

Although ICE gasoil cracks eased below $25\/bbl after peaking at $28\/bbl earlier this week, margins remain historically elevated. This has incentivized<\/a> refiners to boost run rates, potentially lifting crude demand in the weeks ahead.<\/p>\n

By Charles Kennedy for Oilprice.com<\/p>\n

More Top Reads From Oilprice.com<\/p>\n

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