Oil prices steady as US-China trade progress eases market fears
Oil prices held steady on Monday as progress in US-China trade talks supported demand optimism, even as concerns about a potential global supply glut lingered.
Brent crude traded just below $66 a barrel, while West Texas Intermediate (WTI) hovered near $62, News.Az reports, citing Bloomberg.
Top negotiators from both countries reached agreements on several key points ahead of the Trump-Xi summit on Thursday, with the US threat of 100% tariffs effectively off the table, according to Treasury Secretary Scott Bessent.
The easing of tensions between the world’s two largest economies is seen as a boost to global economic growth.
Oil rebounded last week after US sanctions on Russia’s major crude producers Rosneft and Lukoil countered concerns of oversupply. However, ongoing OPEC+ production increases, including possible additional output from Kuwait, keep market watchers cautious about a potential glut.
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