WTI rises to near $59.50, rebounds after Trump’s moderating remarks on China
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WTI gains around 2.5% after losing more than 5.0% on Friday.
President Trump stated on Sunday that China’s economy “will be fine” and aims to “help China, not hurt it.”
Oil prices faced challenges as supply concerns eased after Trump announced the Gaza conflict was over.
West Texas Intermediate (WTI) Oil price recovers around 2.5% after losing more than 5.0% in the previous session, trading around $59.40 during the Asian hours on Monday. Crude Oil prices received support after United States (US) President Donald Trump shared some conciliatory remarks on Sunday, following Friday’s tariff threats on China. The renewed trade tensions between the world’s two largest economies weighed on global economic growth and Oil demand.
President Trump posted on Truth Social on Sunday, noting that China’s economy “will be fine” and that the US wants to “help China, not hurt it.” On Sunday, Trump said that there’s no need to meet China’s President Xi Jinping at the upcoming South Korea summit and threatened to impose 100% tariffs on Chinese imports. China also responded by warning to retaliate if Trump fails to back down on his threat to impose 100% tariffs on Chinese imports.
Oil prices also faced challenges amid easing supply concerns following Trump’s Sunday declaration that the Gaza conflict is over, ahead of hostage releases and his planned address to Israel’s parliament. Trump is set to receive a hero’s welcome in Israel’s parliament on Monday as the Gaza ceasefire he helped broker enters its fourth day, with the anticipated release of Israeli hostages and Palestinian prisoners marking cautious progress in the long-standing conflict, according to Reuters.
China's annual crude Oil imports advanced 3.9% in September as refineries operated at their highest utilization rates this year. China brought in 47.25 million metric tons of Oil in September, or the equivalent of 11.5 million barrels per day, according to data released by the General Administration of Customs on Monday.
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