Overview

• Brent rose about 1.4% to $63.60 and WTI gained 1.5% to $59.77 in early Monday trading, retracing part of Friday’s losses.
• Friday’s slide left Brent settling at $62.73 and WTI at $58.90, their lowest closes since early May.
• China’s expanded rare‑earth export controls prompted Trump to threaten 100% tariffs on Chinese exports and new U.S. curbs on critical software by Nov. 1.
• U.S. Trade Representative Jamison Greer said a Trump–Xi meeting on the sidelines of the APEC forum in South Korea could still occur later this month.
• Analysts said supply pressures from OPEC+ unwinding cuts, rising output in the Americas, and a reduced Middle East risk premium after the Gaza ceasefire continue to weigh on crude.