Oil prices increased on Tuesday, June 10, 2025, as investors awaited the outcome of United States-China talks that could pave the way for easing trade tensions and improve fuel demand.
Brent crude futures rose 22 cents, or 0.3%, to $67.26 a barrel by 0645 GMT, while U.S. West Texas Intermediate crude was up 18 cents, or 0.3%, at $65.47.
On Monday, Brent had risen to $67.19, the highest since April 28, buoyed by the prospect of a U.S.-China trade deal.
U.S.-China trade talks were set to continue for a second day in London as top officials aimed to ease tensions that have expanded from tariffs to rare earth curbs, risking global supply chain disruptions and slower growth.
Oil prices drop ahead of U.S.-China trade talks
Prices have recovered as demand concerns have faded with the trade talks between Washington and Beijing and a favourable U.S. jobs report, while there are risks to North American supply due to wildfires in Canada, Goldman Sachs analysts said.
U.S. President Donald Trump said on Monday that the talks with China were going well and he was “only getting good reports” from his team in London.
A trade deal between the U.S. and China could support the global economic outlook and boost demand for commodities including oil, Reuters reported.
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