Oil Prices Rebound as Trade Concerns Ease

al-Joumhouria

An oil field.

Oil prices rose in Asian trading on Monday, recovering some of last week’s sharp losses. Brent crude for December delivery increased by 1.7% to $63.78 per barrel, while West Texas Intermediate (WTI) rose 1.8% to $59.95.

The recovery followed calming statements from U.S. President Donald Trump regarding trade tensions with China, which bolstered investor confidence. Prices had fallen around 4% on Friday, hitting five-month lows, after Trump announced plans for additional tariffs on Chinese imports, raising concerns over global demand.

Meanwhile, Iraqi crude recorded modest declines, with Basra Medium falling to $64.63 per barrel and Basra Heavy to $63.08, both down roughly 1.3%.

Despite the rebound, market pressures remain. Geopolitical tensions in the Middle East eased following a ceasefire between Israel and Hamas, while the U.S. Energy Information Administration raised its 2025 crude production forecast to a record 13.53 million barrels per day. OPEC+ plans to gradually increase output by 137,000 barrels per day in November, seeking to balance market stability with supply constraints.

Analysts caution that the recovery is fragile, with prices likely to remain sensitive to U.S.-China trade developments and shifts in global supply and demand.



PUKMEDIA