WASHINGTON (dpa-AFX) - Oil drifted lower again on Thursday after snapping a three-day losing run in the previous session on data showing a large drop in U.S. stockpiles.
Benchmark Brent crude futures fell 0.7 percent to $63.86 a barrel in European trading while WTI crude futures were down 0.7 percent at $60.06.
Crude oil prices are moving back to the downside after U.S. President Donald Trump said he would reduce tariffs on China from 57 percent to 47 percent for one year, in exchange for Beijing resuming purchases of U.S. soybeans, continuing exports of rare earth elements, and tightening controls on the illicit fentanyl trade.
Analysts said it's nothing more than a temporary truce and doesn't mark a real end to the trade war between the two countries.
On the issue of China's purchases of Russian oil, Trump said that the war 'came up strongly' and Washington and China have agreed to work together on the Ukraine issue.
'We talked about it for a long time, and we're both going to work together to see if we can get something,' he said, reported The Guardian.
Traders eye the Nov 2 OPEC+ meeting and it is feared that a more aggressive production increase starting in December could significantly intensify downward pressure on prices.
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