Oil extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war.

Investors kick off a hectic week with stocks moving mostly lower after a U.S.-European Union trade deal, with a Fed meeting, jobs data and a deluge of corporate earnings on deck.

Trump's trade deals with the EU and Japan pave the way for the stock market to end with it's third straight annual gain of more than 20%, Oppenheimer said.

South Korean Finance Minister Koo Yun-cheol said on Tuesday he would try to derive a mutually beneficial trade agreement with the United States, in comments ahead of his departure to Washington to meet U.

ROME (Reuters) -Italy's Prime Minister Giorgia Meloni welcomed the fact that a trade deal has been reached between the European Union and the United States but said that she would be seeking more details. Washington struck a framework trade deal with the EU imposing a 15% import tariff on most EU goods.

Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

The European Union dodged an imminent trade war with the US this week, but markets and a growing chorus of critics have dispelled early hopes that the deal will bring a sense of stability back to transatlantic relations.

The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.