Oil prices slipped on Tuesday, July 29, 2025, amid uncertainty about the global economic outlook following the U.S.-EU trade deal.
Brent crude futures were down 6 cents, or 0.1%, to $69.98 a barrel at 0425 GMT, while U.S. West Texas Intermediate crude was at $66.60, down 11 cents, or 0.2%.
Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday.
The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand.
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The agreement also calls for $750 billion of EU purchases of U.S. energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over the course of President Donald Trump’s second term.
While the U.S.-EU trade deal finalisation came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, ANZ analysts told Reuters.
“We think the 15% rate will pose headwinds to the Euro area’s growth outlook but is unlikely to push the economy into recession,” they added.
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