Brent raw futures rose 24 cents, or 0.34%, to $ 70.28 per barrel of 0000 GMT, while the American West Texas intermediary crude oil was $ 66.93 per barrel, an increase of 22 cents or 0.33%.
Both contracts settled in the previous session more than 2% higher and Brent hit his highest level since July 18 on Monday.
The trade agreement between the United States and the European Union, while imposing an import rate of 15% on most EU goods, circumvented a complete trade war between the two major allies that would have focused in almost a third of world trade and the prospects for fuel demand.
The oil prices were also supported by news about a possible expansion of the trading wating between the US and China, where top economic officials from both countries met on Monday in Stockholm for more than five hours of conversations. The discussions are expected to resume Tuesday.
In the meantime, Trump put a new deadline of “10 or 12 days” on Monday for Russia to make progress in the direction of the end of the war in Ukraine or be confronted with sanctions. Trump has threatened sanctions against both Russia and buyers of export, unless progress is made. “Trump’s comments again achieved the fear that the Russian oil flows would be affected,” wrote the Senior Commodity strategist Daniel Hynes of Anz in a note. “This is also on the back of the newest sanction package by the EU against Russia, including a lower price limit about the crude oil of the country and the import of refined products made of Moscow’s oil in other countries,” Hynes added.
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