Oil stabilizes with the anticipation of the markets for the possibility of calm commercial stress

Oil prices stabilized while the markets evaluated the chances of quiet commercial tensions, after US President Donald Trump said it would extend the final deadline to the European Union before applying mutual customs duties. Brent ruol was traded near $ 65 a barrel, while the West Texas West Raw remained under $ 62. Trump threatened last Friday, with 50% higher customs duties from the beginning of the next month, but he gave the block a deadline until July 9 to reach a trade agreement, after a phone call to the European Commission, Ursula von der Line. Customs -duties are pushing oil prices to decline since mid -January, in light of the major customs duties that Trump imposed, and the retaliation affecting demand expectations. The OPEC+coalition plans also contributed to increasing the stop production to strengthen the urgent factors on the market, as the group’s willingness to hold a Sunday meeting to report the supply policy for July. “Although the extension of the final deadline for customs duties on the European Union immediately provided support for the market, the eyes of this week will be focused on OPEC+production policy,” said Warren Patterson, head of the GN group. He added: “We believe that the group will ensure another important increase in supplies, and the continued abundance of the market supply with the second half of the year.” Officials during the weekend about his efforts to place restrictions on Iran’s nuclear programs.