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(Bloomberg) — Oil was little changed after two modest declines as talks between the US and its trading partners gain urgency ahead of next week’s deadline.
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International benchmark Brent traded near $69 a barrel while West Texas Intermediate was around $67. European Union and US negotiators are heading into another week of intensive discussions as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc’s exports with 30% tariffs.
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Late last week, the EU agreed on a package of sanctions against Moscow, including a lower price cap on the country’s crude, curbs on fuels made from Russian petroleum and a ban on a large refinery in India. The UK joined the efforts, but the US hasn’t followed suit.
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US Treasury Secretary Scott Bessent said the next round of talks with China could include a discussion of Beijing’s purchases of Russian and Iranian oil. That could hamper progress, as Russia is the Asian nation’s biggest source of crude.
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Bessent said Washington was more likely to pursue a tariff-based strategy that would impose hefty duties on countries it found to be purchasing Russian energy. China and India are the biggest buyers of oil from Moscow.
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Brent has trended higher this month, but is still down more than 7% this year as Trump’s trade war threatens consumption and OPEC+ increases production. Prices have been whipsawed by developments in the Middle East, as well as ever-expanding sanctions on crude from producers including Russia and Iran.
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