Overview

• Brent rose about 1.4% to roughly $63.60 and WTI gained about 1.5% to $59.77 early Monday, recovering part of Friday’s slide to the lowest settlements since early May.
• Friday’s selloff followed China’s expanded rare‑earth export controls and President Trump’s plan for 100% tariffs on China’s U.S.-bound exports plus new controls on critical software by Nov. 1.
• U.S. Trade Representative Jamison Greer said a Trump–Xi meeting on the sidelines of the APEC summit in South Korea could still occur later this month, and the White House signaled openness to a deal.
• Analysts say a reduced Middle East risk premium after a Gaza ceasefire and rising global output have pressured prices, even as OPEC+ approved a smaller‑than‑expected November increase while unwinding cuts.
• Goldman Sachs told clients the base case is both sides stepping back from the harshest trade measures, though the risk of implementation still points to choppy trading.