<ul data-eligibleForWebStory="false"><li>Oil prices stabilized after a significant gain, following US President Donald Trump's announcement of a trade agreement with Vietnam, raising hopes for additional deals before the July 9 deadline.</li><li>Brent hovered near $69 per barrel after a 3% surge, while West Texas Intermediate stood above $67. This recent deal with Vietnam marks the third trade agreement, alongside those with the UK and China, as countries rush to secure agreements with the US.</li><li>Market focus has shifted back to trade discussions and tariffs impacting oil demand, as well as the upcoming OPEC+ meeting expected to result in increased supply quotas. US crude stockpiles saw their first weekly rise since May, while inventories in Cushing, Oklahoma, fell to their lowest seasonal level since 2014.</li><li>Notable market indicators, such as a prevailing heat wave in the US and the driving season, point to demand strength. Brent's prompt spread was at $1.20 a barrel in backwardation, reflecting improved market conditions despite recent geopolitical tensions.</li></ul>

Oil Prices Hold Advance As US Trade Deal With Vietnam Lifts Sentiment

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