Oil marks higher with the trade war and China's prospects emerge

Oil typed higher after a volatile week when traders analyzed the latest signals in the trade war, prepared for details on how China wanted to support the economy, and weighed geopolitical developments in Iran. Brent climbed more than $ 67 a barrel after falling 1.6% last week, while West Texas were intermediate near $ 63. Treasury Secretary Scott Besent told ABC News that talks with US trading partners were underway, and “some of them are moving very well, especially with the Asian countries.” In China – the world’s largest crude importer, and the economy subject to the most stringent US levies – officials are planning to hold a press conference on Monday about measures to stabilize employment and to ensure stable growth. Oil is on his way to the biggest monthly loss since 2022 after touching a four -year low. Futures are taxed by concern that the US guided trade war will hinder economic activity and harm energy demand. At the same time, the OPEC cartel has put together a most beautiful sentiment by increasing the production of running production. The group meets on May 5 to discuss output plans for June. On the geopolitical front, the US and Iran reported signs of progress on talks on an agreement on Tehran’s nuclear program, and the two parties agreed to meet again in Europe. Separately, an explosion at the country’s Shahid Rajaee port left dozens on Saturday. The most important pivot has a strategic location on the street of Hormuz, an important guidance for the global oil trade. Elsewhere this weekend, Ukrainian President Volodymyr Zelenskiy held a one-on-one meeting with Donald Trump. After that, the US president said his Russian counterpart, Vladimir Putin, might stop to prevent him from ending the war and suggesting that further sanctions would be needed. Click here to get Bloomberg’s Energy Daily Newsletter in your inbox. © 2025 Bloomberg MP This article was generated from an automatic news agency feed without edits to text. First published: 28 Apr 2025, 06:03 AM IST