Oil prices fell by a few cents today as the market anticipates US-China trade talks in London later in the day.
Brent crude futures slipped 11 cents to $64.61 a barrel by 7:28 WAT. U.S. West Texas Intermediate crude fell 4 cents to $64.54, reports AFP.
The minor slip was after Brent gained 4%, and WTI gained 6.2% last week, their first weekly gain in three weeks.
Gains rode on the back of news that the two countries were talking about their trade differences and could reach a tangible agreement.
Three of Donald Trump’s top aides will meet with counterparts in the first meeting of the U.S.-China economic and trade consultation talks.
Reports today said China’s export growth slowed to a three-month low in May on the back of the U.S. tariffs.
The data also showed that China’s crude oil imports declined in May to the lowest daily rate in four months, as state-owned and independent refiners underwent planned maintenance.
The prospect of a China-US trade deal had outweighed worries about increased OPEC+ supply after the group announced on May 31 another huge output hike for July.
HSBC expects OPEC+ to accelerate supply increases in August and September, which are likely to raise downside risks to the bank’s $65 per barrel Brent forecast from the fourth quarter of 2025, it said in a research note on Friday.
