Oil prices recovered some ground on Monday after hitting a five-month low in the previous session, as investors hope that potential talks between the leaders of the United States and China could ease trade tensions between the world’s two largest economies and biggest oil consumers.
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As of 00:45 GMT, Brent crude futures rose $0.87 or 1.39%, reaching $63.60 per barrel, after having fallen 3.82% on Friday to their lowest level since May 7.
West Texas Intermediate (WTI) crude rose $0.87 or 1.48%, to $59.77 per barrel, following a 4.24% drop to its lowest level since May 7.
Trade tensions flared last week after China expanded restrictions on exports of rare earth materials, prompting U.S. President Donald Trump to respond on Friday with a 100% tariff on Chinese exports to the U.S., along with new controls on exporting “any and all critical software” effective November 1.
These moves come ahead of a possible meeting between Trump and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in South Korea, which U.S. Trade Representative James Gerier said could still take place later this month.
Source: Reuters
