Oil prices steady ahead of US-China trade talks
Oil prices were stable on Monday as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and subsequently fuel demand.
Brent crude futures gained 11 cents, or 0.2%, to $66.58 a barrel by 1312 GMT while U.S. West Texas Intermediate crude rose by 6 cents, or 0.1%, to $64.64.
Brent rose 4% last week and WTI 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors.
U.S. President Trump and China's leader Xi Jinping spoke on the telephone on Thursday before U.S. and Chinese officials meet in London on Monday in an effort to calm trade tensions between the two nations.
A trade deal between the U.S. and China could support the global economic outlook and in turn boost demand for commodities including oil.
Monday's talks could dampen the impact on prices of a slew of Chinese data releases, said IG market analyst Tony Sycamore.
Chinese export growth slowed to a three-month low in May as U.S. tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world's second-largest economy at home and abroad.
"Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65," Sycamore said, referring to WTI prices.
The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance.
The prospect of a potential China-U.S. trade deal outweighed concern over the price impact from increased output by the OPEC+ group of oil producers next month.
(Reporting by Robert Harvey in London, Florence Tan in Singapore and Colleen Howe in Beijing. Additional reporting by Ahmad Ghaddar in London Editing by David Goodman and David Evans)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
BAIC Announces 2025 Vehicle Lineup for International Automotive &Supply Chain EXPO (HONG KONG)
HONG KONG SAR - Media OutReach Newswire - 9 June 2025 - From June 12 to 15, the INTERNATIONAL AUTOMOTIVE&SUPPLY CHAIN EXPO in Hong Kong will host a major international auto show under the theme "New Car, New Journey." The event will bring automakers, experts and media together showcasing future mobility innovation and trends. At the upcoming exhibition, BAIC Group will present both passenger and commercial lineup, such as the BJ40PLUS RHD and X55 II RHD. BEV models include ARCFOX αS5, ARCFOX αT5 and STELATO S9(REEV). Internationalization is one of BAIC Group's core the general platform of internationalization, BAIC INTL comprehensively coordinates the overseas business. Since its established in 2013, BAIC INTL has expanded to more than 50 countries, establish nearly 300 sales network , and set up eight KD plants—including one wholly owned overseas production base. Its portfolio consists of three distinct brands: BAIC, focused on mainstream and off-road models; ARCFOX, a high-end NEV brand expanding from electric to hybrid offerings; and STELATO, targeting the luxury new energy segment. At the show, BAIC will unveil a range of advanced technologies, including its self-developed Polaris EV platform and the world's first AI-integrated cockpit system. Driven by artificial intelligence, the company is building a closed-loop innovation system that connects user insight, product development, and after-sales service—enabling continuous product evolution and a more intelligent mobility experience. From June 12 to 15, visit Booth C02, Hall 6 at AsiaWorld-Expo to discover how BAIC is driving the next chapter of global mobility—powered by technology, guided by innovation. Hashtag: #BAIC The issuer is solely responsible for the content of this announcement. BAIC INTL.
Al Etihad
2 hours ago
- Al Etihad
Tesla hit with a pair of downgrades amid fallout from Trump feud
9 June 2025 18:41 (BLOOMBERG)Tesla Inc. was hit with a pair of downgrades on Monday, underscoring mounting concerns on Wall Street about the electric-vehicle maker's outlook following last week's clash between Chief Executive Elon Musk and President Donald Argus Research and Baird cut the stock to the equivalent of hold ratings, cementing Tesla's reputation as the least-loved megacap stock among analysts. Shares fell 1.6% in premarket downgrades mark the latest hurdle for Tesla, shares of which are down about 27% in 2025, making it the weakest performer of the so-called Magnificent Seven stocks. Tesla shares had rallied in the wake of Trump's reelection, which Musk vigorously supported, but are down almost 40% off their peak in of the stock's recent decline came after the high-profile blowup between Musk and Trump last week. While Musk subsequently suggested he was open to making amends, the tensions are seen as a significant headwind overhanging the shares."Looking ahead, we are concerned that the war of words between President Trump and Elon Musk, along with expiration of EV credits, could further weaken demand for new Teslas,' wrote analysts at Argus Research, who downgraded the stock to hold from feud, they added, is emblematic of how the stock "appears to be currently trading on non-fundamentals events.' This view was echoed by Baird, which cut the stock to neutral from outperform."The recent incident between Musk and President Trump exemplifies key-person risk associated with Musk's political activities,' analyst Ben Kallo wrote. "While we have no indication of how the relationship may change or what either will do, we see the situation as adding uncertainty to TSLA's outlook. Additionally, we believe this may heighten questions regarding brand damage, which we expect will persist until sustained evidence of volume growth avails itself.'Musk's comments about Tesla's robotaxi program "are a bit too optimistic, and we believe this excitement has been priced into shares,' Baird said. The service, which focuses on driverless vehicles and artificial intelligence, is scheduled to launch in Austin this week. The two downgrades underline how Tesla is the megacap viewed most skeptically by Wall Street. Fewer than half of the analysts tracked by Bloomberg recommend buying the shares, by far the weakest such ratio among the market's biggest companies.
Zawya
3 hours ago
- Zawya
Oil prices steady ahead of US-China trade talks
Oil prices were stable on Monday as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and subsequently fuel demand. Brent crude futures gained 11 cents, or 0.2%, to $66.58 a barrel by 1312 GMT while U.S. West Texas Intermediate crude rose by 6 cents, or 0.1%, to $64.64. Brent rose 4% last week and WTI 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors. U.S. President Trump and China's leader Xi Jinping spoke on the telephone on Thursday before U.S. and Chinese officials meet in London on Monday in an effort to calm trade tensions between the two nations. A trade deal between the U.S. and China could support the global economic outlook and in turn boost demand for commodities including oil. Monday's talks could dampen the impact on prices of a slew of Chinese data releases, said IG market analyst Tony Sycamore. Chinese export growth slowed to a three-month low in May as U.S. tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world's second-largest economy at home and abroad. "Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65," Sycamore said, referring to WTI prices. The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance. The prospect of a potential China-U.S. trade deal outweighed concern over the price impact from increased output by the OPEC+ group of oil producers next month. (Reporting by Robert Harvey in London, Florence Tan in Singapore and Colleen Howe in Beijing. Additional reporting by Ahmad Ghaddar in London Editing by David Goodman and David Evans)
