Oil held onto a weekly gain as a renewed round of US-China trade talks offered the potential for reduced global tensions.
Brent traded above $66 a barrel after adding 4% last week. Negotiators from the US and China were set to hold talks in London on Monday, raising the possibility the two largest economies can make progress on disputes that have rattled markets this year.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Though crude has retreated by 11% in London this year on concern that escalating trade tensions could hinder global growth and energy demand, prices have become stuck in a narrow band over the last month. Traders are weighing signs of progress in trade talks and the looming peak summer demand season against the announcement of bumper output hikes by the OPEC+ alliance.
While a gauge of volatility is near the lowest since early April, the futures curve is still in a bullish pattern. The nearest US crude futures are trading close to $1 above the next month, which indicates tight short-term supplies.
“It is hard to hold on to a bearish outlook conviction when spot market signals are relentlessly bullish,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “Summer peak oil demand may disguise emerging oil market weakness.”
Prices:
Brent for August settlement was little changed at $66.56 a barrel as of 10:11 a.m. in London.
WTI for July delivery traded at $64.66 barrel.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.