Oil prices hold near 7-week high as market waits for news from US-China trade talks
Oil prices held near a seven-week high on Tuesday as the market awaited direction from trade talks between the U.S. and China.
Analysts have said a trade deal between the countries with the world's two biggest economies could boost prices by supporting global economic growth and increasing oil demand.
Brent crude futures slid 17 cents, or 0.3%, to settle at $66.87 a barrel, while U.S. West Texas Intermediate crude fell 31 cents, or 0.5%, to settle at $64.98.
On Monday, Brent settled at its highest since April 22 and WTI at its highest since April 3.
Trade talks between the U.S. and China stretched through a second full day and into the evening in London as the two countries pushed for a breakthrough on duelling export controls that have threatened to unravel a delicate tariff truce.
U.S. Commerce Secretary Howard Lutnick said trade talks with Chinese officials were going well and he hoped they would end on Tuesday night, but said they could run into Wednesday.
The World Bank, meanwhile, slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies.
Source: Reuters
