Oil Gains Slightly Amid Easing US-China Tensions
World oil prices rose slightly on Tuesday morning after a plunge earlier in the week, amid renewed concerns about trade tensions between the United States and China and a focus on global demand. Brent crude traded above $63 per barrel, while West Texas Intermediate (WTI) held around $60 per barrel.
The price increase came after US President Donald Trump softened his rhetoric against China. He had previously threatened to impose new tariffs and export restrictions, but later left open the possibility of reaching a deal with Beijing. Tensions between the world's two largest oil consumers have shaken markets and added uncertainty to the energy demand outlook.
Meanwhile, OPEC's monthly report projected global oil demand growth of 1.3 million barrels per day this year and 1.4 million barrels per day in 2026. However, concerns about a supply surplus remain as the OPEC+ alliance continues to increase production, while the International Energy Agency (IEA) predicts oversupply will reach a record high next year.
Technically, signs of weakness are beginning to emerge in the futures price structure. Several Brent contracts for 2026 have shifted into contango—where short-term prices are lower than long-term contracts—indicating concerns about a supply glut. At 8:25 a.m. Singapore time, Brent for December delivery rose 0.4% to $63.59 per barrel, while WTI for November delivery rose 0.5% to $59.76 per barrel. (asd)
Source: Newsmaker.id
