Oil prices rose slightly on Thursday, rebounding from a more than $1 drop in the previous session, supported by renewed optimism over upcoming trade talks between the United States and China—the world’s two largest oil consumers.
اضافة اعلان
Brent crude futures edged up by 10 cents (0.2%) to $61.22 per barrel.
West Texas Intermediate (WTI) gained 13 cents (0.2%) to reach $58.20 per barrel.
Independent market analyst Tina Teng noted that "optimism surrounding next week’s trade talks between the U.S. and China is a key factor supporting the recovery in oil markets." She added that signs of easing trade tensions have improved market sentiment after a prolonged period of heavy selling.
U.S. Treasury Secretary Scott Besant is scheduled to meet China’s top economic official in Switzerland on May 10, to resume trade negotiations. The ongoing dispute between the two economic superpowers has weighed heavily on global oil demand forecasts.
Although U.S. President Donald Trump claimed China initiated the talks, he emphasized he is not ready to reduce tariffs to incentivize Beijing. Besant stated that the talks are only a preliminary stage, not yet advanced.
However, weak demand concerns capped gains, especially after the Federal Reserve kept interest rates unchanged and flagged growing economic uncertainty. A stronger U.S. dollar has also pressured commodity prices, including oil.
Rising gasoline inventories in the U.S. further raised concerns about weakened consumption, despite the approaching summer driving season.
Additionally, the expected increase in oil production by OPEC and its allies (OPEC+) is likely to exert further downward pressure on prices.
