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yesterday

Oil Prices Hold Steady as Markets Await Key US-China Trade Talks

Brent crude trades near $63 and WTI at $60 as investors assess upcoming negotiations, OPEC+ output increases, and mixed demand signals.

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Picture taken May 16, 2017. REUTERS/Stringer/File Photo
A drone view of an oil tanker at Petrobras distribution terminal operated by Transpetro, the largest oil and gas transportation company of Brazil in Sao Sebastiao, in the state of Sao Paulo, Brazil January 4, 2025. REUTERS/Jorge Silva/File Photo

Overview

  • Brent crude is trading at $62.91 per barrel and WTI at $59.98, with prices stabilizing after recent volatility.
  • US Treasury Secretary Scott Bessent is set to meet China's Vice Premier He Lifeng on May 10 in Switzerland to address trade disputes impacting global oil demand.
  • The UK and US announced a tariff reduction deal, easing trade tensions and boosting market sentiment.
  • OPEC+ plans to increase oil output, though production declines in Libya, Venezuela, and Iraq partially offset scheduled hikes.
  • Rising US gasoline inventories ahead of the summer season signal weaker-than-expected demand growth, adding downward pressure on prices.