Oil rebounded as US-China trade optimism offsets demand concerns
Crude oil prices edged higher on Thursday, 05 June 2025, buoyed by renewed optimism surrounding US-China trade relations, offering markets a reprieve after bearish inventory data triggered a pullback earlier in the week.
Crude oil prices edged higher on Thursday, 05 June 2025, buoyed by renewed optimism surrounding US-China trade relations, offering markets a reprieve after bearish inventory data triggered a pullback earlier in the week.
Brent futures rose 48 cents, or 0.7%, to settle at $65.34 a barrel.
WTI gained 52 cents, or 0.8%, to close at $63.37.
The gains came after the White House confirmed that President Donald Trump and Chinese President Xi Jinping had agreed to resume high-level trade talks, following a phone conversation late Wednesday. The development sparked cautious optimism that tensions between the world’s two largest economies may ease, supporting broader sentiment across commodities.
Attention is also shifting towards supply risks. Ongoing wildfires in Canada have curtailed nearly 350,000 barrels per day of crude production, threatening to tighten near-term supply in North America.
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