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2d ago

Oil Prices Rise on Trade Optimism Ahead of Key U.S.-China Talks

Brent and WTI crude see gains as markets anticipate U.S.-China negotiations and react to a newly announced U.S.-UK trade deal.

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
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Overview

  • Brent crude climbed to $64 per barrel, with WTI reaching $61.12, marking a weekly gain of over 4% for both benchmarks.
  • U.S. 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.
  • A new U.S.-UK trade agreement reduces British tariffs on U.S. goods to 1.8%, boosting market optimism for further trade breakthroughs.
  • OPEC+ announced plans to increase oil production, adding pressure to prices despite recent demand-driven gains.
  • U.S. gasoline inventories rose, raising concerns about summer consumption levels, while sanctions on Chinese refiners buying Iranian oil continue to disrupt supply chains.