LONDON, July 25 — Oil prices continued their upward climb on Wednesday as improving signals from global trade talks lifted investor sentiment and boosted demand outlooks.
Brent crude futures for September delivery rose by $0.15 (0.22%) to reach $69.33 per barrel on the ICE Futures exchange in London—surpassing the symbolic $69 mark.
Meanwhile, WTI crude for September delivery increased by $0.15 (0.23%) to $66.18 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).
The gains come amid encouraging signs from multiple trade fronts. Earlier this week, the U.S. signed a trade agreement with Japan, and media reports suggest that Washington and the European Union are also nearing a deal.
Adding to the momentum, Indian Commerce Minister Piyush Goyal said on July 24 that he was optimistic about finalizing a trade agreement with the U.S. before August 1, the date when new tariffs announced by President Donald Trump—potentially up to 26% on Indian goods—are set to take effect.
Analysts say the progress in U.S. trade negotiations is easing fears of a global economic slowdown and bolstering confidence in future oil demand. This renewed optimism is currently outweighing concerns about a potential rise in crude exports from Venezuela.
