Saturday, 13 September 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil Prices Rise On Optimism About U.S.-China Talks Easing Trade Tensions
Tuesday, 10 June 2025 18:15 WIB | OIL |Minyak WTIbrent oil

Oil prices rose on Tuesday as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia's crude supplies to China were set to drop slightly.

Brent crude futures rose 34 cents, or 0.5%, to $67.38 a barrel by 1045 GMT. U.S. West Texas Intermediate crude futures rose 33 cents, or 0.5%, to $65.62.

Brent had risen to $67.19 on Monday, its highest since April 28, supported by the prospect of a U.S.-China trade deal.

U.S.-China trade talks are set to continue for a second day in London as top officials aim to defuse tensions that have flared over tariffs and rare earth restrictions, which have disrupted global supply chains and slowed growth.

"There's a sense of optimism around these trade talks, the market is waiting to see what's going to come out of it and that's supporting prices," said Harry Tchilinguirian, head of research at Onyx Capital Group.

Prices have recovered as demand concerns have eased with trade talks between Washington and Beijing and a favorable U.S. jobs report, while there are risks to North American supply from wildfires in Canada, Goldman Sachs analysts said.

U.S. President Donald Trump said on Monday that talks with China were going well and he had "nothing but good reports" from his team in London.

A trade deal between the U.S. and China could support the global economic outlook and boost demand for commodities including oil.

Saudi Arabia's state oil company Saudi Aramco will ship about 47 million barrels to China in July, a tally of allocations to Chinese refiners showed, 1 million barrels less than the volume allocated in June, Reuters reported.

"The Saudi allocation could be an early sign that the OPEC+ easing may not actually mean that much additional supply," Tchilinguirian said. "After all this easing, one would think we would get more from countries that can produce more."

OPEC+, which pumps about half the world's oil and includes OPEC members and allies such as Russia, presented plans for a 411,000 barrel per day increase for July as it seeks to regain market share and punish overproducing producers. The country is set to end production cuts for a fourth straight month. A Reuters survey found that OPEC oil output rose in May, although the increase was limited as Iraq pumped below target to offset previous overproduction and Saudi Arabia and the United Arab Emirates made smaller increases than allowed.

"The prospect of further increases in OPEC supply continues to haunt the market," Daniel Hynes, senior commodity strategist at ANZ, said in a note. Elsewhere, Iran said it would soon present a counter-proposal to the nuclear deal to the US in response to a US offer that Tehran deemed "unacceptable," while Trump reiterated that the two sides were still at odds over whether the country should be allowed to continue enriching uranium on Iranian soil.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and the easing of US sanctions on Iran would allow it to export more oil, which would weigh on global crude prices. (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,...

Breaking News: US Annual PPI Inflation Falls to 2.6% in August, Compared to an Expected 3.3%
Wednesday, 10 September 2025 19:39 WIB

Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...

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...