Oil declines amid thin trade

26/05/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices declined today, May 26, after rising in early session, as trade tensions eased after US President Donald Trump extended the deadline for trade talks with the European Union.

 

Brent crude futures for July delivery fell 0.22%, or 14 cents, to $64.64 a barrel at 2:10 p.m. Makkah time.

 

WTI crude futures for July delivery lost 0.25%, or 15 cents, to $61.38 per barrel.

 

UBS analyst Giovanni Staunovo told Reuters that oil prices received support in early trading from Trump's decision to postpone the higher tariffs on the European Union until July 9.

 

He added that the Memorial Day holiday in the US today limited trading volume in the oil market.

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