Oil prices rise as market focuses on US-China trade talks, OPEC's production strategy, and geopolitical sanctions impacting the global market.

Oil prices rose as President Trump extended the EU trade talks deadline, alleviating tariff concerns and boosting market sentiment.

Crude Oil rose to 65.49 USD/Bbl on July 23, 2025, up 0.27% from the previous day. Over the past month, Crude Oil's price has risen 1.73%, but it is still 15.60% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

On July 21, 2025, the Brent crude oil price stood at 68.98 U.S. dollars per barrel, compared to 67.2 U.S. dollars for WTI oil and 70.65 U.S. dollars for the OPEC basket. Brent and OPEC prices fell slightly that week, while WTI prices rose.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Oil prices rose on Friday as China signaled openness to trade talks with the U.S., alleviating market tensions. Geopolitical factors, including potential sanctions on Iranian oil, also contributed to the price increase.

Oil prices remain stable due to positive US-China trade talks and geopolitical factors, with Brent crude at $65 and WTI near $63.

Oil prices dipped as the market anticipates OPEC+'s decision on increasing production. Brent and U.S. crude futures saw slight declines.

Oil prices surged due to Trump's skepticism about Iran negotiations and optimism for a China trade deal, supported by lower US inflation and positive market sentiment.

Oil prices are declining for the second week as OPEC+ considers boosting production. Brent crude hovers near $62, while WTI is below $60. Market is influenced by US job growth, US-China trade talks, and Iran tensions.

Oil prices stabilize after a decline, influenced by US economic signals, trade tensions, and Iran talks. Brent crude sees its largest monthly drop since 2022, with market indicators suggesting a tightening oil market.

Oil prices fell slightly due to US tariff exemptions on electronics and new US-Iran negotiations, impacting the market outlook.

Oil prices slightly increased on Friday but are poised for a weekly loss. Discussions of OPEC+ output rise and a potential Russia-Ukraine ceasefire could boost global supply.

ICE Brent futures close above $66 as US-China trade optimism lifts markets, with easing supply concerns and ongoing geopolitical tensions influencing prices.

Diesel prices have risen for the second time in nine weeks, influenced by diesel futures, U.S.-China trade negotiations, and OPEC+ output changes.