Crude rises amid hopes for US-China deal

October 27, 2025 (MLN): Crude oil futures rose on Monday morning amid reports of a potential trade agreement between the US and China.

Brent crude futures went up by $0.05, or 0.08%, to $65.89 per barrel.

West Texas Intermediate (WTI) crude futures decreased by $0.07, or 0.11%, to $61.43 per barrel by [12:45 am] PST.

US Treasury Secretary Scott Bessent said on Sunday that Washington and Beijing have established “a very successful framework” for upcoming discussions between the two nations’ leaders. US President Donald Trump and Chinese President Xi Jinping are expected to meet on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea.

While Bessent confirmed plans for the meeting, Beijing has yet to issue an official statement regarding the encounter. The declaration comes as trade negotiations between the world’s two largest economies show signs of renewed progress.

Earlier on Sunday, Bessent and US Trade Representative Jamieson Greer held discussions with Chinese Vice Premier He Lifeng and trade negotiator Li Chenggang during the ASEAN Summit in Kuala Lumpur, signaling intensified diplomatic engagement ahead of the anticipated high-level talks.

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