Oil rises 3%, Brent crude settles near $63

Oil drilling rigs

Oil prices rose on Thursday after the US and UK reached a trade agreement on tariffs and ahead of anticipated US-China talks this weekend.

 

Brent crude for July delivery closed 2.81%, or $1.72, higher at $62.84 per barrel. WTI crude for June delivery jumped 3.17%, or $1.84, to $59.91 per barrel.

 

US President Donald Trump and UK Prime Minister Keir Starmer announced a deal to reduce mutual tariffs, easing global trade tensions.

 

Markets are also eyeing a May 10 meeting in Switzerland between US Treasury Secretary Scott Peacent and China’s top economic official to discuss bilateral trade.

 

These developments helped calm global trade concerns, reducing fears of recession and inflationary pressures.

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