Global oil prices rebounded sharply on Thursday, just one day after a decline.
This was due to heightened expectations that trade wars would be resolved, as U.S. President Trump and U.K. Prime Minister Keir Starmer reached a trade agreement during a phone call today.
The U.S.-UK trade deal has sparked optimism that similar agreements could be reached with other countries, including China, potentially boosting the global economy and oil demand.
Brent crude, the international oil benchmark, closed at 62.84 USD per barrel for July delivery, up 1.72 USD (2.81%) from the previous session.
The U.S. benchmark, West Texas Intermediate (WTI), saw its June contract jump by 1.84 USD (3.17%) to 59.91 USD per barrel.
