Oil Rises, Trade Peace Looms
Oil prices edged higher as US-China tensions eased. As of 04:05 GMT, Brent was at $63.54 per barrel (+0.4%) and WTI at $59.71 (+0.4%). The previous day, Brent closed up 0.9% and WTI up 1.0%. A more conciliatory tone from Washington and Beijing has eased concerns about global demand.
The US government confirmed that Donald Trump's planned meeting with Xi Jinping in South Korea this month remains on track. Intense communication over the weekend and plans for a follow-up meeting have raised hopes for de-escalation, after earlier threats of tariffs and export controls weighed on sentiment.
However, obstacles remain: Beijing is expanding export controls on critical minerals, while the threat of 100% tariffs and restrictions on US software from November 1st still looms. China has also imposed tariffs on US-owned vessels (including tankers), triggering sudden shipment cancellations and a surge in freight rates. A reduction in risk premiums after Trump declared an end to the Gaza war also limited gains.
Looking ahead, the market is weighing the OPEC+ report, which projects a narrowing supply deficit in 2026 in line with planned production increases. Price direction will be sensitive to headlines regarding US-China relations, shipping cost dynamics, and clarity on OPEC+ production pathways. (asd)
Source: Newsmaker.id
