Oil prices moved higher in early Asian trade on Monday after the U.S. and EU reached a tariff agreement, averting a major trade war. The framework sets U.S. tariffs on most EU goods at 15%, down from previously threatened levels, and includes EU commitments to purchase U.S. energy and invest in American industry.
Although the U.S. dropped two rigs week on week, Canada added 10 rigs during the same period, taking the total North America rig count up to 724, comprising 542 rigs from the U.S. and 182 from Canada, the count outlined.
Curious Minds Corner
Which nation sits on the world’s biggest pile of proven oil?
Venezuela holds the largest volume of proven crude oil reserves.