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Oil prices rose on Tuesday as easing tensions between the United States and China lifted investor sentiment and revived hopes for stronger global fuel demand.
U.S. Treasury Secretary Scott Bessent said President Donald Trump is committed to meeting Chinese President Xi Jinping later this month in South Korea, signaling a potential breakthrough in strained trade relations. Bessent added that the two sides had “substantial communications” over the weekend, with more talks scheduled in the coming days.
Brent crude futures increased by 18 cents, or 0.28%, to $63.50 a barrel by 0000 GMT, while U.S. West Texas Intermediate (WTI) crude gained 16 cents, or 0.27%, to $59.65. In the previous session, Brent rose 0.9%, and WTI climbed 1%.
The prospect of improved U.S.-China trade relations has historically supported oil markets, as optimism about global economic growth typically boosts energy demand. However, lingering tensions — including Beijing’s new export controls on rare earths and Trump’s threats of 100% tariffs and software export restrictions starting November 1 — continue to weigh on investor confidence. Oil prices recently hit their lowest levels since May before rebounding this week.
Daniel Hynes, an analyst at ANZ, noted that “the oil industry continues to navigate geopolitical challenges,” adding that China’s decision to impose levies on U.S.-owned vessels, including oil tankers, had triggered cancellations and driven up shipping rates.
Further tempering gains, Trump announced the end of the two-year Gaza war, a move that may ease Middle East supply concerns. Meanwhile, OPEC+ stated in its latest monthly report that the global oil supply shortfall is expected to narrow in 2026 as the group continues with planned production increases.
