New york: Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China. Brent crude futures inched up 22 cents, or 0.32%, to $68.66 a barrel. US West Texas Intermediate crude stood at $65.38 a barrel, up 22 cents, or 0.34%.

According to Qatar News Agency, the United States and European Union officially reached a tariff agreement on Sunday, averting a potentially crippling transatlantic trade war. The agreement imposes a uniform 15% US import tariff on most goods from the EU, significantly lower than the 30% rate Trump had threatened to implement by August 1.

Additionally, senior US and Chinese negotiators will meet in Stockholm on Monday aiming to extend a truce keeping sharply higher tariffs at bay ahead of the August 12 deadline. Oil prices had settled on Friday at their lowest in three weeks as global trade concerns and expectations of more oil supply from Venezuela weighed.