Baghdad: Oil prices rose on Tuesday after the United States and China decided to extend a truce in their mutual tariffs, easing concerns about weak fuel demand in the world’s two largest oil consumers. Brent crude futures rose 26 cents, or 0.39%, to $66.89 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 22 cents (0.34%) to $64.18.

According to National Iraqi News Agency, a White House official said Monday that U.S. President Donald Trump signed an executive order extending the tariff truce with China for another 90 days, just hours before U.S. tariffs on Chinese goods were set to return to the triple-digits. Markets are also awaiting U.S. inflation data later today, which may indicate the Federal Reserve’s direction on interest rates.