Oil steadied as market weighed easing trade tension against rising OPEC+ supply
A degree of relief swept through global markets after the US government extended the deadline for imposing higher tariffs on the European Union, easing fears of an immediate escalation in trade disputes.
Crude oil prices were little changed on Monday, 26 May 2025, as investors weighed signs of easing global trade tensions against the likelihood of increased output from OPEC and its allies.
Brent crude futures edged down four cents to settle at $64.74 per barrel.
WTI held flat at $61.53 per barrel, unchanged from the previous session.
A degree of relief swept through global markets after the US government extended the deadline for imposing higher tariffs on the European Union, easing fears of an immediate escalation in trade disputes. However, crude benchmarks remained under pressure as attention turned to supply-side risks. The OPEC+ alliance is reportedly considering a further significant increase in production, a move that could exacerbate downside pressure on prices.