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Oil rises as market awaits U.S.-China trade talks

[07/05/2025 12:51]

SINGAPORE-SABA
Oil prices rose, today, Wednesday, remaining just above four-year lows, as investors focused on U.S.-China trade talks and signs of declining U.S. production.

Brent crude futures rose 51 cents, or 0.82 percent, to $62.66 a barrel.

U.S. West Texas Intermediate crude rose 58 cents, or 0.9 percent, to $59.67 a barrel.

Both indices recently fell to four-year lows following the OPEC+ alliance's decision to accelerate output increases, raising fears of a supply glut at a time when U.S. tariffs have heightened concerns about global demand.