Oil Edges Higher as Trade Thaw and U.S. Stock Draw Offset Supply Fears

Overview

• West Texas Intermediate for December settled at $60.57 a barrel, while Brent contracts closed near $64.37 for January delivery.
• Sentiment improved after a meeting between Presidents Donald Trump and Xi Jinping eased U.S.–China trade tensions and a larger‑than‑expected U.S. crude inventory draw helped prices recover intraday losses.
• Traders continue to assess U.S. sanctions on Russian oil, with analysts noting past enforcement has been lax and warning that removing roughly 1.5 million barrels per day may not create a tight market.
• U.S. Energy Secretary Chris Wright said the United States is ready to become a main supplier to China, Asia and the European Union, signaling potential replacement barrels for any sanctions‑related shortfalls.
• Market participants are watching for possible modest output increases at the OPEC+ gathering on November 2, a scenario that could reinforce oversupply concerns.