Dhaka, July 28 -- Oil prices rose on Monday after the US reached a trade deal with the European Union and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand.

Brent crude futures inched up 22 cents, or 0.32 per cent, to $68.66 a barrel by 0035 GMT while US West Texas Intermediate crude was at $65.38 a barrel, up 22 cents, or 0.34 per cent, according to Reuters.

The US-European Union trade deal and a possible extension in US-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said.

The United States and the European Union struck a framework trade agreement on Sunday that will impose a 15 per cen...