Baghdad: Oil prices rose in early Asian trading on Monday after the United States reached a trade agreement with the European Union, amid reports of a possible extension of the suspension of tariffs with China. Brent crude futures rose 22 cents, or 0.32%, to $68.66 a barrel, while US West Texas Intermediate crude rose 22 cents, or 0.34%, to $65.38 a barrel.

According to National Iraqi News Agency, the United States and the European Union concluded a framework trade agreement on Sunday, which stipulates the imposition of 15% tariffs on most EU goods, half the rate the United States had threatened to impose.

Global oil demand rose by 600,000 barrels per day in July compared to last year, while global oil inventories rose by 1.6 million barrels per day.