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Oil prices rise as US-China trade talks soothe market jitters

12 May 2025 08:20 (UTC +04:00)

Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted their progress, which lifted market sentiment that the world's two largest crude users may be moving toward a resolution of their trade dispute, APA reports citing Reuters.

Brent crude futures climbed 27 cents, or 0.4%, to $64.18 a barrel at 0001 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading at $61.30 a barrel, up 28 cents, or 0.5%, from Friday's close.

Both benchmarks increased more than $1 on Friday and gained over 4% last week, notching their first weekly gains since mid-April, after a U.S. trade deal with the United Kingdom made investors optimistic that economic dislocations from U.S. tariffs on its trading partners may be avoided.

The U.S. and China ended trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus".