“Oil prices rose amid easing trade tensions between the US and ChinaOil prices rose on Tuesday as early signs of easing trade tensions between the US and China boosted market sentiment. Brent crude futures rose 0.4% to $63.54 a barrel, while US WTI rose 0.4% to $59.71 a barrel.
”, — write: unn.ua
DetailsUS Treasury Secretary Scott Bessent said on Monday that US President Donald Trump still intends to meet with Chinese President Xi Jinping in South Korea this month. Both countries are trying to de-escalate tensions related to threats of tariffs and export controls.
The parties held meaningful correspondence over the weekend, and new meetings are expected, he added.
By 04:05 GMT (07:05 Kyiv time), Brent crude futures rose 22 cents, or 0.4%, to $63.54 per barrel. US West Texas Intermediate crude was at $59.71 per barrel, up 22 cents, or 0.4%.
In the previous session, Brent crude futures rose 0.9%, and US WTI futures closed up 1%.
“Oil prices have stabilized as investors weighed US-China tensions against demand,” Saxo Bank analysts noted, adding that Trump has softened his tone and shown a willingness to reach a deal.
Vance: Trump has many more cards than China13.10.25, 02:16 • 4204 views
The prospect of improved trade ties between the world’s two largest economies has historically supported oil markets, as investors anticipate stronger global growth and increased fuel demand.
However, recent developments, such as Beijing’s tightening of export controls on rare earth metals and Trump’s threats to impose 100% tariffs and restrict software exports from November 1, have weighed on sentiment.
Trump imposes 100% tariff on Chinese goods in response to Beijing’s “aggressive stance”11.10.25, 01:46 • 5198 views
Last week, oil prices fell on a weekly basis and reached their lowest level since May.
Trump also expressed doubt about the prospects of meeting with Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, scheduled for October 30 and November 1, stating on Truth Social: “Now, it seems there’s no reason for it.”
Although the market sell-off seems to be contained by the more conciliatory tone from Washington and Beijing, their relationship is expected to remain in focus, the publication writes.
“The oil industry continues to navigate geopolitical challenges,” said ANZ analyst Daniel Hynes.
“China announced tariffs on US-owned vessels arriving at its shores, including oil tankers. This has led to several last-minute cancellations and a sharp increase in freight rates,” he noted.
Trump announced on Monday the end of the two-year war in the Gaza Strip, which destabilized the entire Middle East, thereby limiting the market’s growth potential, the publication indicates.
In its monthly report published on Monday, the Organization of the Petroleum Exporting Countries and its allies, including Russia, said that the oil market supply deficit will narrow in 2026, as the OPEC+ alliance continues its planned production increases.
OPEC+ countries to increase oil production by almost 140,000 barrels per day05.10.25, 16:06 • 5506 views