The American Forest & Paper Association (AF&PA) has expressed support for the U.S. administration's recent efforts to address trade challenges with the European Union, particularly regarding non-tariff barriers affecting the paper and forest products industry. In a statement released following U.S.-EU trade negotiations, AF&PA President and CEO Heidi Brock welcomed the administration’s commitment to fostering fair and reciprocal trade. She emphasized the importance of tackling both tariff and non-tariff obstacles to safeguard U.S. exports. One of the AF&PA’s key concerns is the European Union’s Regulation on deforestation-free products (EUDR), which the Office of the United States Trade Representative (USTR) has classified as a non-tariff trade barrier. According to the association, the regulation could put at risk more than $3.5 billion in annual exports of U.S. forest products to the EU.

Futures rose 0.8 percent after advancing 0.6 percent on Monday, rebounding from a weekly loss. Crude stockpiles probably slid by 750,000 barrels last week, a Bloomberg survey showed before an Energy Information Administration report due Thursday. Oil last week fell the most since May on speculation rising global output may offset supply curbs led by members of the Organization of Petroleum Exporting Countries. The output-cuts deal is set to expire at the end of March and the group is likely to discuss an extension at its next meeting on Nov. 30. Its de facto leader, Saudi Arabia, said state oil company Saudi Aramco will ship 560,000 barrels a day less than customers are requesting in November. Saudi Aramco plans to supply 7.15 million barrels a day “despite very strong demand” that exceeds 7.7 million barrels a day, the Saudi Energy Ministry said in a statement. Click Read More below for more of the story.