Overview

• US and Chinese negotiators agreed on a framework in London to ease trade tensions and lift export curbs on rare earth minerals, pending approval by Presidents Trump and Xi
• Brent crude futures rose into the $66–$68 per barrel range while WTI traded around $64–$66 as demand optimism strengthened
• OPEC+ set a 411,000-barrel-per-day production increase for July, marking a fourth straight monthly unwind of output cuts
• US crude inventories fell by 3.6 million barrels in the week ending June 6, according to the Energy Information Administration
• China’s May crude imports fell 3% month-on-month and the World Bank cut its 2025 global growth forecast to 2.3% due to higher tariffs and uncertainty