WASHINGTON (dpa-AFX) - Oil steadied near five-month lows on Wednesday as new data showed China's deflation eased in September, but not quite as much as expected.
Benchmark Brent crude futures were little changed at $62.40 a barrel in European trade, while WTI crude futures were up 0.1 percent at $58.75.
Official data showed China's consumer prices dropped 0.3 percent on a yearly basis in September, following a 0.4 percent decrease in August. Producer prices slid 2.3 percent year-on-year, slower than the 2.9 percent decline in August.
U.S.-China tensions simmered, raising anxiety about weakening demand in the event of a broader global economic slowdown.
U.S. Trade Representative Jamieson Greer said there was still a chance to resolve a dispute over critical minerals restrictions and it is up to China whether the planned 100 percent tariffs on its exports would take effect on November 1 or sooner. He added that a Trump-Xi meeting was still planned but not yet confirmed.
Separately, President Donald Trump said that the United States must be careful with China although the relationship between the countries is fair.
Elsewhere, media reports suggest that the European Union is considering forcing Chinese firms to hand over technology to European companies if they want to operate locally.
Traders also fretted over a supply glut after the International Energy Agency (IEA) warned that the global oil market is expected to be oversupplied by nearly four million barrels per day next year-an increase of almost 20 percent from its previous forecast.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
