Crude oil prices rose on Monday, extending their rebound, supported by renewed optimism after the United States and China reported progress in trade negotiations over the weekend.<\/p>\n
That\u2019s what Inki\u00a0Cho, Financial Markets Strategist Consultant to Exness, said in a market analysis sent to Rigzone on Monday, adding that the constructive tone from both sides lifted market sentiment, as easing tensions between the world\u2019s two largest oil consumers could support global demand expectations.<\/p>\n
\u201cHowever, despite the rebound, crude prices remain vulnerable to near-term volatility due to limited clarity from the talks and persistent global macroeconomic uncertainties,\u201d Cho warned.<\/p>\n
In a note sent to Rigzone by the Sparta Commodities team on Monday, Neil Crosby, Oil Analytics AVP at Sparta, said \u201ca temporary lowering of U.S.-China tariffs will undoubtedly spur bullishness in wider equities for a spell and also push [the] crude flat price higher\u201d.<\/p>\n
A \u201cjoint statement on [the] U.S.-China economic and trade meeting in Geneva\u201d published on the White House website on Monday stated that \u201cthe parties [U.S. and China] commit to take the following actions by May 14, 2025\u201d.<\/p>\n
\u201cThe United States will (i) modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the\u00a0 remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order; and (ii) removing the modified additional ad valorem rates of duty on those articles imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025,\u201d it added.<\/p>\n
\u201cChina will (i) modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles, and removing the modified additional ad valorem rates of duty on those articles imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025; and (ii) adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025,\u201d it continued.<\/p>\n
\u201cAfter taking the aforementioned actions, the parties will establish a mechanism to continue discussions about economic and trade relations,\u201d it went on to state.<\/p>\n
A release published on the website of the Ministry of Commerce of The People\u2019s Republic of China on May 12, which was translated, showed a \u201cJoint Statement of China-U.S. Economic and Trade Talks in Geneva\u201d. That statement confirmed the commitments outlined in the statement posted on the White House website.<\/p>\n
Rigzone has contacted the White House and the State Council\u00a0of the People\u2019s Republic of China for comment on Cho and Crosby\u2019s statements. At the time of writing, neither have responded to Rigzone.<\/p>\n
To contact the author, email\u00a0andreas.exarheas@rigzone.com<\/a><\/p>\n
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