{"id":173850,"date":"2025-06-10T20:37:18","date_gmt":"2025-06-10T20:37:18","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/173850\/"},"modified":"2025-06-10T20:37:18","modified_gmt":"2025-06-10T20:37:18","slug":"oil-edges-lower-as-traders-await-result-of-usa-china-trade-talks","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/173850\/","title":{"rendered":"Oil Edges Lower as Traders Await Result of USA-China Trade Talks"},"content":{"rendered":"<p>Oil edged lower as the market awaits the outcome of a second day of trade talks between the US and China.<\/p>\n<p>West Texas Intermediate slipped near $65 a barrel after earlier rising as much as 1.5%. US Commerce Secretary Howard Lutnick said the negotiations had been \u201cfruitful.\u201d Still, the talks haven\u2019t yielded\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-10\/china-and-us-holding-second-day-of-trade-talks-in-london\" target=\"_blank\" rel=\"noopener\">conclusive<\/a>\u00a0progress and may stretch into the night. Some Canadian oil sands production that was shut down by fires is coming back online, also easing prices off of intraday highs.\u00a0<\/p>\n<p>Crude has traded in a roughly $5 range for most of the past two months as the outlook for summer demand softened the blow of the global trade war and a decision by OPEC+ to revive production at a faster-than-expected clip. The US, meanwhile, now sees domestic crude output\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-10\/us-sees-oil-output-falling-in-2026-in-blow-to-trump-s-agenda\" target=\"_blank\" rel=\"noopener\">declining<\/a>\u00a0next year for the first time since 2021, a roadblock to President Donald Trump\u2019s energy dominance agenda.<\/p>\n<p>Commodity trading advisers, which can accelerate price momentum, liquidated short positions to sit at flat in both WTI and Brent on Tuesday, according to data from Bridgeton Research Group. A further 2% to 3% price gain may trigger the funds to flip to net-long in US crude for the first time since February, the group added.<\/p>\n<p>OPEC sees \u201cno peak\u201d in oil demand on the horizon, Haitham Al-Ghais, the organization\u2019s secretary general, said at conference in Calgary. OPEC expects that demand will grow to 120 million barrels per day by 2050.\u00a0<\/p>\n<p>On the geopolitical front, Mike Huckabee, the US ambassador to Israel, said Washington has\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-10\/us-holds-deep-doubts-about-palestinian-state-ambassador-says\" target=\"_blank\" rel=\"noopener\">doubts<\/a>\u00a0about 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\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-09\/trump-calls-iran-tough-negotiators-briefed-israel-on-talks\" target=\"_blank\" rel=\"noopener\">Iran was seeking<\/a>\u00a0too much in a potential nuclear deal.<\/p>\n<p>&#13;<br \/>\n\t&#13;<\/p>\n<tr>&#13;<\/p>\n<td style=\"width:378px;\">&#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:378px;\">&#13;<\/p>\n<ul>&#13;<\/p>\n<li>WTI for July delivery fell 31 cents to settle at $64.98 a barrel.<\/li>\n<p>&#13;<\/p>\n<li>Brent for August settlement slipped 17 cents to settle at $66.87 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. 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