Oil prices rise amid U.S.-China trade talks — Reuters
Oil prices rose amid anticipation of a meeting between Donald Trump and Xi Jinping. Traders are focusing on potential signals regarding a resolution to the conflict with Iran, which has impacted global oil supplies.
This is reported by Reuters.
Brent futures rose 26 cents, or 0.25%, to $105.89 per barrel as of 02:50 GMT. West Texas Intermediate contracts rose 32 cents, or 0.32%, to $101.34.
“Oil prices are in a wait-and-see mode,” ING analysts noted, emphasizing that the market may be overly reliant on potential progress in negotiations between the U.S. and China regarding Iran.
In addition to economic issues, Trump is expected to try to persuade Beijing to influence Tehran and persuade it to reach an agreement with Washington to ease tensions. However, experts doubt that Xi will be willing to exert serious pressure on his longtime ally.
"If no significant progress is made in opening the strait, the U.S. may have few options left other than resuming military action," noted IG analyst Tony Sycamore in a note.
Recall that Trump and Xi Jinping discussedthe war in Ukraine and the global situation.
It is worth noting that Trump arrivedin China for the first time in nearly a decade.
Donald Trump is heading to China for talks with Xi Jinping, where the parties plan to discuss trade, energy, and Taiwan, against the backdrop of a tense global situation.
U.S. President Donald Trump is becoming increasingly frustrated with the progress of negotiations with Iran to end the conflict and is considering the possibility of resuming large-scale military operations against Tehran.
