WASHINGTON (dpa-AFX) - Oil held an overnight advance to hover near multi-week highs on Tuesday due to optimism surrounding ongoing U.S.-China negotiations.
Benchmark Brent crude futures rose 0.3 percent to $67.22 in early European trade, while WTI crude futures were up 0.2 percent at $65.44.
There was no significant breakthrough after the first day of negotiations but U.S. President Donald Trump told reporters at the White House that the talks were 'going well' and that he was 'only getting good reports'.
U.S. Treasury Secretary Scott Bessent told reporters the meeting was 'good' while Commerce Secretary Howard Lutnick called the discussions 'fruitful.'
According to media reports, the U.S. appears willing to ease some tech export restrictions in return for China easing limits on rare earth exports.
Elsewhere, Iran's Foreign Ministry has announced that a new round of nuclear talks with the United States is scheduled for Sunday (June 15, 2025) in Muscat.
The fifth round of talks failed to yield any breakthrough as Iran is not willing to compromise on its right to enrich uranium, something the U.S. won't accept.
Israeli Prime Minister Benjamin Netanyahu has been skeptical of diplomatic efforts to curb Iran's nuclear ambitions.
On the data front, investors await key U.S. inflation and consumer sentiment reports this week for additional clues on the Federal Reserve's rate trajectory.
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