US-China trade negotiations: Oil prices steady as investors eyes trade talks in London; Brent holds above $66
Oil prices remained steady on Monday following last week's gains, as markets awaited the outcome of renewed US-China trade negotiations in London. Brent remained above $66 per barrel following a 4% increase last week, with West Texas Intermediate hovering near $65.
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US and Chinese negotiators are scheduled to meet in London on Monday for the first round of talks under the revived economic and trade consultation mechanism, raising hopes of easing tensions between the world's two largest economies.
The announcement came after a rare phone call between the two nations' top leaders on Thursday, as both sides face growing pressure to ease tensions—especially amid China's export curbs on rare earths disrupting global supply chains.
"The meeting should go very well," US President
wrote on Truth Social on Friday afternoon. "Thank you for your attention to this matter!" he added.
Oil prices recorded their first weekly increase in three weeks following the announcement. London crude prices have declined by 11% this year, reflecting concerns that intensifying trade disagreements could impede global growth and energy consumption.
Simultaneously, OPEC+ has increased production more rapidly than expected, fuelling concerns about potential oil surplus in the latter half of the year affecting prices.
Oil price volatility has moderated since mid-May, despite downward pressure during Trump's second term.
Market participants are evaluating multiple factors, including positive developments in trade negotiations, increased fuel demand during summer travel in the northern hemisphere, alongside potential risks stemming from situations in Iran and Russia.
The outcome of the upcoming UK meeting could play a key role in shaping market sentiment amid ongoing trade tensions, Gao Mingyu, Beijing-based chief energy analyst at SDIC Essence Futures Co told Bloomberg.
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"If the UK meeting continues to signal optimism, it could weaken the negative economic impact of the trade war," the analyst noted.
"After the short-term bearish impact of OPEC+'s July ouptut hike was digested, improving macro sentiment, stronger seasonal demand, and lingering geopolitical risks have all provided support," she added.
Since mid-May, oil futures have moved within a narrow $4 range, while volatility has dropped to its lowest levels since early April.
At the same time, Brent crude's prompt spread has widened into backwardation, a market pattern that signals stronger near-term demand.
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News18
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Trump Deploys National Guard In LA: What Does The Special Unit Do? Can Prez Send Troops On US Soil?
Last Updated: California Governor Gavin Newsom said he requested the Trump administration to withdraw its order to deploy 2,000 National Guard troops in Los Angeles county, calling it unlawful California National Guard troops were deployed to the streets of Los Angeles on Sunday to help quell a third day of protests over President Donald Trump's immigration enforcemen t, a step the state's Democratic governor, Gavin Newsom, called unlawful. California Governor Gavin Newsom said he requested the Trump administration to withdraw its order to deploy 2,000 National Guard troops in Los Angeles county, calling it unlawful. In an interview with MSNBC, Newsom said he planned to sue the administration over the deployment, adding that Trump 'has created the conditions" around the protests. Newsom accused Trump of trying to manufacture a crisis and violating California's state sovereignty. 'These are the acts of a dictator, not a president," he wrote in a post on X. In a social media post, Trump called on McDonnell to do so. 'He should, right now!!!" Trump added. 'Don't let these thugs get away with this. Make America great again!!!" 300 MEMBERS OF NATIONAL GUARD IN CALIFORNIA U.S. Northern Command said 300 members of the California National Guard had been deployed to three spots in the Los Angeles area. Their mission was limited to protecting federal personnel and property. National Guard troops guarded federal government buildings, as police and protesters clashed in separate demonstrations over federal immigration raids in Los Angeles. Los Angeles police declared several rallies to be 'unlawful assemblies", accusing some protesters of throwing concrete projectiles, bottles and other items at police. Video images showed several self-driving cars from Alphabet's Waymo were set ablaze on a downtown street on Sunday evening. Los Angeles police officers on horseback attempted to control the crowds. — Pete Hegseth (@PeteHegseth) June 8, 2025 UNDER WHICH LAW HAS TRUMP DEPLOYED NATIONAL GUARD? Trump's justification for the National Guard deployment cited a provision of Title 10 of the U.S. Code on the Armed Forces. However, Title 10 also says the 'orders for these purposes shall be issued through the governors of the States." Title 10 allows for National Guard deployment by the federal government if there is 'a rebellion or danger of a rebellion against the authority of the government of the United States." Those troops are only allowed to engage in limited activities and cannot undertake ordinary law enforcement activities. Trump's memo says the troops will 'temporarily protect ICE and other United States government personnel who are performing federal functions, including the enforcement of federal law, and to protect federal property, at locations where protests against these functions are occurring, or are likely to occur." Despite Trump's rhetoric about the demonstrations, he has not invoked the Insurrection Act, an 1807 law that empowers a president to deploy the U.S. military to suppress events like civil disorder. Asked on Sunday whether he was considering doing so, he said, 'It depends on whether or not there's an insurrection." NOT THE FIRST TIME FOR TRUMP In 2020, Trump had asked governors of several states to send troops to Washington, D.C., to respond to demonstrations that arose after George Floyd was killed by Minneapolis police officers. Many of the governors he asked agreed, sending troops to the federal district. The governors that refused the request were allowed to do so, keeping their troops on home soil. This time, however, Trump is acting in opposition to Newsom, who under normal circumstances would retain control and command of California's National Guard. WHAT IS NATIONAL GUARD? The National Guard is a unique branch of the U.S. military that has both state and federal responsibilities. It consists of two parts: the Army National Guard and the Air National Guard, which are both considered U.S. military reserve components. It has been called upon in recent years to respond to many domestic events, including natural disasters, the COVID-19 pandemic, anti-racism protests, and border security challenges. As its domestic role has grown, the guard has also become more integral to international U.S. military operations. The Air National Guard in particular carries out critical military intelligence analysis, including in Ukraine and the Middle East. The president can deploy the guard to serve missions overseas, which has happened more frequently in recent years, including to Afghanistan, Iraq, Poland, and the Horn of Africa. Their recent deployments: More than one lakh National Guard members were deployed to combat wildfires across nineteen states in 2022. In 2019, the guard responded to 63 natural disasters, including seven hurricanes or tropical storms, nineteen floods, and twelve fires. In 2023, members of the Hawaii Army National Guard were mobilized to support disaster response efforts after a massive wildfire on the island of Maui, Hawaii, including by ensuring public order and engaging in search and recovery missions. Since 9/11, more than one million National Guard members have deployed to theaters including Afghanistan and Iraq, as well as countries in Europe and the Pacific. Most recently, the National Guard has helped collect and analyze intelligence related to Russia's war in Ukraine and assisted in training members of Ukraine's armed forces. Many states activated their National Guards in response to historic anti-racism protests across the United States after Minneapolis police killed George Floyd in May 2020. In January 2021, the DC National Guard was deployed in response to an assault on the U.S. Capitol by a mob backing President Donald Trump while lawmakers were meeting to certify the presidential election. The guard was later quartered inside the Capitol building, evoking comparisons to the Civil War. In March 2024, in response to a surge in subway crime, New York Governor Kathy Hochul dispatched several hundred guard members to help police monitor the city's busiest stations. As of May 2023, there were around 2,500 National Guard troops deployed to the U.S.-Mexico border. 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Also Download the News18 App to stay updated! tags : donald trump immigration Location : New Delhi, India, India First Published: June 09, 2025, 14:03 IST News explainers Trump Deploys National Guard In LA: What Does The Special Unit Do? Can Prez Send Troops On US Soil?
Hindustan Times
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