Oil prices edge higher on expectations of US-China trade deal
Oil prices are edging higher today after falling by around one percent at the start of trading. Hopes of a US-China trade deal and US sanctions on Russian oil companies are boosting prospects for higher demand and rising prices, while long-term concerns about weak oil demand are weighing in the opposite direction, Reuters reported.
At around 17:45 CEST, North Sea Brent crude was up 0.05 percent at USD 65.97 per barrel, while US light crude WTI was up 0.09 percent at USD 61.59 per barrel at the same time.
US Treasury Secretary Scott Bessent said on Sunday that US and Chinese officials had reached a framework for a trade deal in trade talks, which could prevent the imposition of a 100 percent tariff on imports of goods from China and postpone Chinese export controls on rare earths.
The United States imposed sanctions on major Russian oil companies last week, which could lead to a decline in Russian exports and push up commodity prices.
Oil prices in dollars per barrel (about 159 litres):
| EXCHANGE | TYPE | CONTRACT | CURRENT PRICE | PREVIOUS CLOSE |
| London - ICE | Brent | December | 65.97 | 65.94 |
| New York - NYMEX | WTI | December | 61.59 | 61.50 |
Translation disclaimer
This article is a machine translation of the Czech original and has not yet been fully reviewed. In case of any doubt, please refer to the Czech version.
