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Oil Extends Gain as US-China Talks Boost Optimism
Posted
June 10, 2025
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June 10, 2025
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3:44Now PlayingFrancisco Blanch, Head: Global Commodities at Bank of America Securities, breaks down how the trade war is upending agriculture market fundamentals and the outlook for energy and global commodities.
Oil climbed for a fourth straight session as the market awaits the outcome of a second day of trade talks between the US and China.
West Texas Intermediate rose about 1% to trade around $66 a barrel while Brent neared $68, levels last seen in April. US Commerce Secretary Howard Lutnick said initial discussions in London with officials from Beijing had been “fruitful,” buoying risk assets.
The negotiations are easing fears that persistent global trade tensions will sap economic growth. An OPEC+ decision to add production back to the market at a faster-than-expected clip also spurred forecasts for a glut, but the outlook for summer demand is helping backstop prices for now.
“Recent strength is supported by ‘fruitful’ US-China trade talks, a tightening spot market amid peak seasonal demand, and a slump in US rigs drilling for crude to a four-year low,” said Ole Hansen, head of commodities strategy at Saxo Bank.
Commodity trading advisers, which can accelerate price momentum, liquidated short positions to sit at 18% short in Brent on Monday, compared with 36% short on June 9, and flat in WTI, according to data from Bridgeton Research Group. A further 2% to 3% price gain may trigger the funds to flip to net-long in WTI for the first time since February, the group added.
On the geopolitical front, Mike Huckabee, the US ambassador to Israel, said Washington has doubts about the viability of a Palestinian state, a sticking point for several negotiations between the US and Middle Eastern counterparts. President Donald Trump earlier expressed concern that Iran was seeking too much in a potential nuclear deal.
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