Oil prices rise amid optimism about a US-China rapprochement.
Global oil markets witnessed a significant increase in prices during trading on Tuesday, June 10, amid anticipation of the outcomes of the talks between the United States and China, expected to ease trade tensions between the two economic giants, potentially positively impacting global oil demand.
Brent crude recorded a slight increase of 0.3% to reach $67.22 per barrel, while U.S. crude rose by 0.2% to $65.40 per barrel.
This rise comes after Brent touched its highest levels since April 28 at $67.19, supported by positive expectations regarding the possibility of an agreement between Washington and Beijing.
U.S. President Donald Trump expressed optimism about the progress of the negotiations, stating yesterday that the talks are "going well" and that he is receiving "only good reports" from the negotiating team. Any progress in the trade file is believed to boost confidence in the global economy, supporting demand for oil and commodities.
In a related context, a Reuters survey showed that OPEC production saw a limited increase in May, as Iraq reduced its output to compensate for its previous overproduction, while Saudi Arabia and the UAE adhered to increases below the allowed limits.
The OPEC+ group, including major producers like Russia, continues discussions to accelerate plans to lift the recent production restrictions. However, experts warn of the repercussions on prices, with Daniel Hynes, senior commodity strategist at ANZ Bank, stating that "a shift to flexible production policy could lead to a significant market surplus in the oil market in the second half of 2025, inevitably putting pressure on prices."
