Oil prices rose as markets anticipated talks between the United States and Chinese presidents aimed at easing trade tensions between the world’s two largest economies and oil consumers. After falling to five‑month lows in the previous session, Brent crude futures climbed 92 cents, or 1.47 %, to $63.65 a barrel. U.S. West Texas Intermediate also gained, up 89 cents, or 1.51 %, to $59.79 a barrel, following a 4.24 % drop on Friday.
The recent escalation of U.S.–China trade tensions, sparked by China’s expansion of rare‑earth export controls, had pushed oil prices lower. In response, President Donald Trump announced plans to impose 100 % tariffs on Chinese goods bound for the United States and to introduce new export controls on critical software by November 1. Nonetheless, Trump later expressed optimism, saying the situation would “all be fine.”
Despite lingering uncertainty, a possible meeting between Trump and Chinese President Xi Jinping on the sidelines of the Asia‑Pacific Economic Cooperation forum in South Korea may still occur later this month, according to U.S. Trade Representative Jamison Greer. Analysts warn that trade tensions could still intensify, potentially leading to higher tariffs or stricter export restrictions.
China’s crude imports rose 3.9 % in September year‑over‑year to 11.5 million barrels per day, according to customs data. The increase reflects refineries operating at their highest utilization rates this year and ongoing stockpiling efforts.
The rise in oil prices underscores the market’s reaction to the expected trade talks and their possible impact on the global economy. The upcoming U.S.–China presidential meeting is crucial; it could help alleviate trade tensions and stabilize oil prices. Investors and analysts will closely monitor the outcome, as it may shape the global energy market and broader economic outlook. Ongoing developments should be watched to assess their implications for the oil market and beyond.
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