WASHINGTON (dpa-AFX) - Oil prices rebounded on Monday after settling down nearly 4 percent to hit five-month lows on Friday.
Benchmark Brent crude futures jumped 1.8 percent to $63.86 a barrel in European trade, while WTI crude futures were up 1.9 percent at $60.03.
The rebound came after U.S. President Donald Trump said that he thinks the U.S. relationship with China will be 'fine' and the U.S. wants to help China, not hurt it.
Trump said the Nov. 1 deadline is an 'eternity,' but could advance the date if China takes further actions.
Separately, U.S. Vice President JD Vance told Fox News that President Trump is willing to pursue reasonable negotiations with China, but all options remain open, including the removal of Chinese companies from the U.S. market.
Investors also cheered improved foreign trade data from China showing surprising strength in September, with both exports and imports beating forecasts.
On the geopolitical front, the United States has imposed sweeping sanctions on more than 50 companies, individuals, and vessels accused of helping Iran export petroleum and liquefied petroleum gas (LPG), in violation of international restrictions.
Treasury Secretary Scott Bessent said the new sanctions aim to dismantle Iran's 'energy export machine' as part of Washington's ongoing 'maximum economic pressure' campaign.
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