Oil Prices Rise as Markets Monitor U.S.-China Trade Talks

PUKMEDIA

Oil field.

Oil prices edged higher on Tuesday, 10 June 2025, as investors awaited the outcome of ongoing U.S.-China trade negotiations, which could ease tensions and bolster global fuel demand.

According to Reuters, Brent crude futures climbed by 28 cents, or 0.4%, to $67.32 per barrel by 03:30 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose by 23 cents, or 0.4%, reaching $65.52.

On Monday, Brent crude had already gained ground, hitting $67.19—the highest level since 28 April 2025—supported by optimism surrounding a potential trade agreement between the two economic giants.

U.S.-China talks were set to continue into a second day in London, with senior officials working to de-escalate tensions that have extended beyond tariffs to encompass rare earth export controls, posing risks to global supply chains and economic growth.

According to analysts at Goldman Sachs, oil prices have rebounded amid receding demand concerns, buoyed by the progress in trade talks and a positive U.S. jobs report. However, they cautioned that North American supply remains vulnerable due to ongoing wildfires in Canada.

U.S. President Donald Trump stated on Monday that discussions with China were progressing positively, adding that he was receiving “only good reports” from his negotiating team in London.

A comprehensive trade deal between Washington and Beijing is expected to improve the global economic outlook and increase demand for key commodities, including oil.



PUKMEDIA