{"id":171654,"date":"2025-06-10T00:58:16","date_gmt":"2025-06-10T00:58:16","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/171654\/"},"modified":"2025-06-10T00:58:16","modified_gmt":"2025-06-10T00:58:16","slug":"oil-edges-up-as-traders-await-outcome-of-usa-china-trade-talks","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/171654\/","title":{"rendered":"Oil Edges Up as Traders Await Outcome of USA-China Trade Talks"},"content":{"rendered":"<p>Oil extended last week\u2019s gain as a renewed round of US-China trade talks offered the potential for reduced global tensions.<\/p>\n<p>West Texas Intermediate futures gained 1.1% to settle at $65 a barrel, the highest price since early April. Negotiators from the US and China were holding\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-08\/us-china-to-resume-trade-talks-with-focus-on-rare-earth-exports\" target=\"_blank\" rel=\"noopener\">talks in London<\/a>\u00a0on Monday, raising the possibility the two largest economies can make progress on disputes that have rattled markets this year.\u00a0<\/p>\n<p>Commodity trading advisers, which can accelerate price momentum, liquidated short positions to sit flat in WTI on Monday, compared with 64% short on June 5, according to data from Bridgeton Research Group. A 3% to 4% price move higher from current price levels may trigger the funds to flip to net-long for the first time since February, the group added.\u00a0<\/p>\n<p>The United Nations nuclear watchdog, meanwhile, said Iran\u2019s\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-09\/un-atomic-watchdog-say-iran-s-uranium-buildup-can-t-be-tolerated\" target=\"_blank\" rel=\"noopener\">rapidly<\/a>\u00a0increasing stockpile of uranium can\u2019t be ignored ahead of a consequential meeting this week in Vienna. Traders have been keeping a close eye on the progress of nuclear\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-02\/iran-says-us-hasn-t-given-clarity-on-sanctions-relief-in-nuclear-talks\" target=\"_blank\" rel=\"noopener\">talks<\/a>\u00a0between Washington and Tehran, with a setback potentially crimping flows from the OPEC member.\u00a0<\/p>\n<p>Crude has recovered after plunging earlier this year on the twin hit of bumper OPEC+ supply increases and concerns about the outlook for demand following President Donald Trump\u2019s tariff policies. Now, though, the peak summer demand season is looming and markets are looking tighter.\u00a0<\/p>\n<p>The nearest US crude futures are trading more than $1 above the next month, which indicates tight short-term supplies.\u00a0<\/p>\n<p>&#13;<br \/>\n\t&#13;<\/p>\n<tr>&#13;<\/p>\n<td style=\"width:463px;\">&#13;<\/p>\n<p><strong>Prices<\/strong><\/p>\n<p>&#13;\n\t\t\t<\/td>\n<p>&#13;<br \/>\n\t\t<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td style=\"width:463px;\">&#13;<\/p>\n<ul>&#13;<\/p>\n<li>WTI for July delivery climbed 1.1% to settle at $65.29 barrel in New York.&#13;\n<ul>&#13;<\/p>\n<li>Futures jumped 6.2% last week.<\/li>\n<p>&#13;\n\t\t\t\t<\/ul>\n<p>&#13;\n\t\t\t\t<\/li>\n<p>&#13;<\/p>\n<li>Brent for August settlement rose 0.9% to settle at $67.04 a barrel.<\/li>\n<p>&#13;\n\t\t\t<\/ul>\n<p>&#13;\n\t\t\t<\/td>\n<p>&#13;<br \/>\n\t\t<\/tr>\n<p>&#13;<br \/>\n\t&#13;<\/p>\n<p>                                <br class=\"clear\"\/><\/p>\n<p>&#13;<br \/>\n                                    Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. 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