Oil prices continue to react to Trump-China’s leader talks

Oil prices fell on June 6, but were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for a pick-up in demand in the world's two largest economies.

This was reported by Economic Pravda with reference to Reuters.

Brent crude futures fell 19 cents, or 0.3%, to USD 65.15 a barrel.

U.S. West Texas Intermediate crude fell 20 cents, also 0.3%, to USD 63.17, after rising about 50 cents on Thursday.

Both benchmarks were on track to end the week on a higher note after two straight weeks of declines.

Brent has risen 2.1% this week, while WTI is trading 4% higher.

China's official Xinhua News Agency said the trade talks between Xi and Trump were held at Washington's request.

Trump said the call had led to a "very positive conclusion," adding that the U.S. is "in a very good position with China and the trade deal."

Canada has also continued trade talks with the U.S., and Prime Minister Mark Carney is in direct contact with Trump, according to Industry Secretary Mélanie Joly.

The oil market continued to fluctuate amid news of tariff talks and data showing how trade uncertainty and the impact of U.S. tariffs are weighing on the global economy.

“The potential for increased US sanctions against Venezuela to restrict crude oil exports and a potential Israeli strike on Iranian infrastructure are adding to upside risks to prices,” Fitch-affiliated BMI analysts said in a note on Friday.

Top exporter Saudi Arabia cut its July crude oil prices for Asia to a near two-month low.

This was a smaller price cut than expected after OPEC+ agreed to increase production by 411,000 barrels per day in July.

As Ukrainian News Agency earlier reported, global oil prices rose after a US court blocked the bulk of tariffs imposed by the Donald Trump administration.

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