Brent Gains on US-China Trade Progress
Brent crude oil futures rose above $64 per barrel on Monday, reaching a nearly two-week high, as progress in US-China trade talks eased demand concerns from the world’s two largest oil consumers.
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer expressed optimism about the weekend discussions and said they would provide more details on Monday, a sentiment also shared by their Chinese counterparts. However, oil gains remained capped by OPEC+ plans to accelerate output hikes in May and June.
A potential US-Iran nuclear deal also added pressure, as it could ease concerns over global oil supply shortages. US and Iranian negotiators concluded talks in Oman on Sunday, with further discussions planned, as Tehran reaffirmed its commitment to uranium enrichment.
Source: Trading Economics