Oil prices jumped Monday after President Trump shortened a timeline on Russia to end the war with Ukraine, and a US-EU trade deal spurred optimism over demand.
West Texas Intermediate (CL=F) climbed 1.9% to trade above $66 per barrel, and Brent (BZ=F) crude, the international benchmark price, rose to nearly $69 per barrel.
The trade accord between the European Union and the US, announced on Sunday, includes $750 billion in EU purchases of American oil and natural gas.
Liquified natural gas producers like Cheniere Energy (LNG), NextDecade (NEXT), and Venture Global (VG) all jumped. The 15% tariff deal on US imports from the EU fueled optimism over an eventual agreement with, China as US and Chinese trade negotiators meet this week.
Meanwhile on Monday, president Trump said he is shortening a timeline on Russia for a ceasefire deal with Ukraine, from 50 days, to less than two weeks — spurring concerns of a supply shock if the US implements ‘secondary tariffs’ on Russian oil and Moscow’s trading partners.