Oil prices edged up towards a seven-week high on Wednesday, June 11, 2025, as markets assessed the outcome of United States-China trade talks.
Brent crude futures were up 9 cents, or 0.1%, to $66.96 a barrel at 0802 GMT, while U.S. West Texas Intermediate crude was up 18 cents, or 0.3%, to $65.16.
U.S. and Chinese officials agreed on a framework to put their trade truce back on track and resolve China’s export restrictions on rare earth minerals and magnets, U.S. Commerce Secretary Howard Lutnick said on Tuesday at the conclusion of two days of intense negotiations in London.
The two countries are the world’s largest economies and oil consumers.
World Bank forecasts decline in global economic growth
Trade-related downside risk in oil has been temporarily removed. Although the market reaction has been tepid as it is not clear how economic growth and global oil demand will be affected, said PVM analyst Tamas Varga.
On the supply side, OPEC+ plans to increase oil production by 411,000 barrels per day in July as it looks to unwind production cuts for a fourth straight month.
“Greater oil demand within OPEC+ economies – most notably Saudi Arabia – could offset additional supply from the group over the coming months and support oil prices,” Capital Economics’ analyst Hamad Hussain told Reuters.
Later on Wednesday, markets will be focusing on the weekly U.S. oil inventories report from the Energy Information Administration, the statistical arm of the U.S. Department of Energy.
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