Oil prices rise after Washington and Beijing reach a trade deal formula.

Lebanon Today

In early Monday trading, oil prices saw a significant rise, driven by signs of a trade agreement between the United States and China. This potential agreement contributes to easing concerns about the impact of tariffs and export restrictions between the world’s two largest oil-consuming countries, which could positively impact global economic growth.

At 00:27 GMT, Brent crude futures rose by 46 cents, or 0.7%, to $66.40 a barrel. West Texas Intermediate crude futures also rose by 46 cents, or 0.75%, to settle at $61.96. It is worth noting that both crudes saw a significant increase in the previous week, with an increase of 8.9% and 7.7% respectively, against the backdrop of US and European sanctions imposed on Russia.

In a note issued by “Haitong Securities,” it was pointed out that market expectations improved after the imposition of new sanctions on Russia and the easing of tensions between the United States and China. The note added that this development contributed to addressing concerns about the glut of crude supply, which had driven prices down earlier in October, according to “Reuters”.