Oil Holds Decline With Trade Talks, Russia Energy Curbs in Focus

Bloomberg · last updated July 20, 2025 – 8:42 PM

Oil was little changed after its first weekly drop this month, with the focus on US trade deal progress — including with the European Union — and the bloc’s efforts to curb Russian energy exports.

Brent crude held near $69 a barrel after falling 1.5% last week, while West Texas Intermediate was above $67. EU envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal scenario with US President Donald Trump, whose tariff negotiating position is seen to have stiffened ahead of an Aug. 1 deadline.

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