Doha: Oil prices stabilized at the start of trading Tuesday after the US and China extended a truce on mutual tariffs, easing concerns about the impact on oil demand from the escalation of the trade war between the two countries. Brent crude futures lost two cents to settle at $66.61 a barrel, while US West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.2%, to $63.86.

According to Qatar News Agency, the extension of the truce between the US and China has contributed to calming fears of a potential decrease in oil demand. The trade war between these two major economies had raised significant concerns over the global oil market’s stability, but the recent developments have provided some relief to traders and investors.

The stabilization of oil prices is seen as a positive sign for the global economy, as it indicates a potential reduction in trade tensions that could have adversely affected demand. Market analysts are closely watching the ongoing negotiations between the US and China, with hopes that further agreements could lead to more stable oil prices in the future.