Oil Steady Ahead of US–China Summit, OPEC+ on the Radar
Oil prices moved flat as the market awaited two major events: the US–China Summit and the OPEC+ meeting. December Brent was last at $64.81/barrel (-0.2%) at 08:23 WIB (SGT), while December WTI was at $60.31/barrel (-0.3%). This slight movement came after a modest gain the previous day, with Brent remaining below $65 and WTI nearing $60.
The main focus is on the meeting between President Donald Trump and President Xi Jinping in South Korea at 11:00 a.m. local time. The two are said to be ready to finalize a trade détente that could reduce some tariffs, costs, and export restrictions. Additionally, Trump is expected to pressure Beijing to limit purchases of Russian oil after Washington imposed sanctions on two Russian producers.
On the supply side, OPEC+ will meet on November 2. The producer alliance is expected to slightly increase production in December, a move that could potentially amplify concerns about oversupply. Oil prices are currently on track for their third monthly decline, the longest stretch since the third quarter of last year, due to expectations of increased supply from OPEC+ and non-OPEC producers.
Going forward, traders will assess two factors: the content of the Trump-Xi agreement (particularly the rollback of tariffs/export couriers) and signals regarding OPEC+ quotas. The combination of trade détente and rising supply could restrain price increases; conversely, a more cautious agreement or continued tight supply could trigger a short-term rebound. (asd)
Source: Newsmaker.id
