Oil prices react to prospects from US-China talks

Oil prices fell on June 9, but maintained their gains over the past week.

It was reported by Economichna Pravda with reference to Reuters.

Investors were watching the trade talks between the US and China, which took place in London, hoping for an improvement in the economic outlook and an increase in demand for fuel.

The report said that Brent futures lost 6 cents to USD 66.41 per barrel, while West Texas Intermediate (WTI) fell 4 cents to USD 64.54 per barrel.

Last week, Brent rose by 4%, while WTI rose by 6.2%, which was the first weekly increase after three weeks of decline.

“Brent crude oil has moved closer to the upper end of its trading range, driven by buying fueled by easing tariff concerns,” said Tim Evans of Evans Energy.

In the United States, the unemployment rate remained stable in May, raising the likelihood of a Federal Reserve rate cut and supporting market gains.

Meanwhile, China’s export growth slowed to a three-month low in May, while factory-gate deflation hit its worst level in two years.

China’s crude oil imports also fell to their lowest daily level in four months as state-owned and independent refineries underwent major maintenance.

The prospect of a US-China trade deal that could support economic growth and oil demand offset concerns about OPEC+ supply increases after the group announced another big output hike in July on May 31.

According to HSBC, OPEC+ will accelerate supply growth in August and September, which could increase the risks of a decline in the forecast price of Brent in the fourth quarter of 2025.

As the Ukrainian News agency earlier reported, oil prices fell on June 6, but were on track for their first weekly increase in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for a rise in demand in the world's two largest economies