Oil prices rose on signs of easing trade tensions between major oil consumers the US and China and Britain’s announcement of a ‘breakthrough’ trade deal with the United States, the Economic Pravda newspaper reported, citing Reuters.
Brent crude rose 23 cents, or 0.37%, to USD 63.07 a barrel, while US West Texas Intermediate crude rose 21 cents, or 0.35%, to USD 60.12 a barrel.
US Treasury Secretary Scott Bessent will meet China’s top economic official, Vice Premier He Lifeng, in Switzerland on May 10 to work on resolving trade disputes that threaten to dent oil demand growth.
“If they agree on a date to start formal talks and to reduce the current high tariffs during the talks, markets will get a breather and oil prices could rise another USD 2-USD 3 a barrel,” said Vandana Hari, founder of analytics firm Vanda Insights.
China’s exports rose faster than expected in April and imports pared a decline, customs data showed on Friday, giving Beijing some relief ahead of tariff talks with the United States due to take place this weekend.
Separately, US President Donald Trump and British Prime Minister Keir Starmer announced that Britain had agreed to cut tariffs on US imports to 1.8% from 5.1%.
The US has reduced tariffs on British cars but has kept the 10% tariff on most other goods.
“Any future US trade deals, other than the one with Britain, will have only a minor impact on oil market sentiment,” Hari added.
As the Ukrainian News agency earlier reported, US President Donald Trump said that falling oil prices are increasing pressure on russia and increasing the likelihood of a peace deal to end the war in Ukraine.
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