Saturday, 13 September 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Rises 1% As U.S., China Teams To Meet After Trump, Xi Trade Call
Thursday, 5 June 2025 23:30 WIB | OIL |Minyak WTIbrent oil

Oil prices rose 1% on Thursday, recovering from the previous day's decline as traders responded to news that U.S. and Chinese teams would meet soon, following a trade call between U.S. President Donald Trump and Chinese leader Xi Jinping.

Brent crude futures were up 65 cents, or 1%, at $65.51 a barrel by 11:36 a.m. EDT (15:36 GMT). U.S. West Texas Intermediate crude was up 66 cents, or 1.05%, at $63.51 a barrel.

"If we step back from the brink of a major trade war, that would raise expectations for oil demand in both the U.S. and China," said Phil Flynn, senior analyst at Price Futures Group.

The official Xinhua news agency earlier reported that the talks were held at Trump's request.

The news boosted investors a day after oil fell 1% on data showing U.S. gasoline and distillate stocks grew more than expected, reflecting weaker demand in the world's largest economy.

Geopolitical events and wildfires in Canada that threaten to cut oil output provided further price support, although the market could potentially be oversupplied in the second half of the year with an expected OPEC+ output hike, said PVM analyst Tamas Varga.

Curbing the gains on Thursday, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly a two-month low.

The Saudi price cut follows a move by OPEC+ late last week to increase output by 411,000 barrels per day (bpd) for July.

The strategy of Saudi Arabia, OPEC's de facto leader, is partly to punish overproducing producers by potentially cutting 2.2 million bpd between June and the end of October, in a bid to claw back market share, Reuters reported earlier.

Data on Wednesday showed the U.S. services sector contracted in May for the first time in almost a year.

Additionally, the number of Americans filing new applications for unemployment benefits rose in the week ended May 31, marking the second straight weekly jump, the Labor Department said on Thursday, indicating a softening in labor market conditions amid mounting economic headwinds from Trump's tariffs.

The release of the U.S. nonfarm payrolls report for May on Friday could influence the U.S. Federal Reserve's interest rate policy, while market focus will also be on geopolitical tensions in the Middle East, said UBS analyst Giovanni Staunovo. (alg)

source: Reuters

RELATED NEWS
Oil gains weighed down by US demand worries...
Saturday, 13 September 2025 03:48 WIB

Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled a...

Oil Prices Rise as Ukrainian Drone Strikes Hit Key Russian Baltic Hubs...
Friday, 12 September 2025 19:23 WIB

Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose...

Oil prices steady as oversupply expectations offset production risks...
Friday, 12 September 2025 16:07 WIB

Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. ...

Oil Holds Drop as IEA Puts Glut Back in Focus After OPEC+ Hikes...
Friday, 12 September 2025 07:04 WIB

Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East ...

Oil prices slide 2% on oversupply, weaker US demand...
Friday, 12 September 2025 01:54 WIB

Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine. Brent crude...

LATEST NEWS
EUR/USD steadies as Fed rate cut bets firm amidst US labor market concerns

EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair...

Bessent met with BlackRock's Rieder as search for next Fed chair continues

U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has...

Oil gains weighed down by US demand worries

Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S....

POPULAR NEWS
IMF says Fed has scope to lower interest rates
Friday, 12 September 2025 01:38 WIB

The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...

Fed seen on course for rate cuts after PPI data
Thursday, 11 September 2025 01:30 WIB

The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...

Breaking News: US CPI Inflation Rises to 2.9% in August, Matching Forecasts
Thursday, 11 September 2025 19:44 WIB

Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...

S&P 500 notches record-high close as Oracle soars on AI optimism
Thursday, 11 September 2025 03:24 WIB

The S&P 500 notched a second straight record-high close on Wednesday, as Oracle surged and cooler-than-expected inflation data supported...