TOKYO — Oil rose on Thursday after falling more than $1 in the previous session, supported by hopes of a breakthrough in looming trade talks between the US and China, the world’s two largest oil consumers.
Brent crude futures were up 51 cents, or 0.8 percent, at $61.63 a barrel, while US West Texas Intermediate crude CLc1 rose 57 cents, or 1 percent to $58.64 a barrel.
“Optimism around the US and China trade talks this weekend is a primary factor supporting the rebound in the oil market,” said independent market analyst Tina Teng.
“Signs of a de-escalating trade war improved market sentiment, triggering a rebound in oil prices in an oversold market.”
US Treasury Secretary Scott Bessent will meet with China’s top economic official on May 10 in Switzerland for negotiations over a trade war that is disrupting the global economy. The countries are the world’s two largest economies and the disruptions from their trade dispute are likely to lower crude consumption growth.
US President Donald Trump on Wednesday suggested China initiated the trade talks, adding he was not willing to cut US tariffs on Chinese goods to get Beijing to negotiations. Bessent said the upcoming talks are a start, not ‘advanced’ discussions.
