Oil prices steady amid focus on US-China trade talks

May 09, 2025 (MLN): Oil held a gain as the market turned its attention to trade talks between the US and China this weekend after President Donald Trump announced an agreement with the UK.

Brent crude futures increased by $0.73, or 1.16%, to $63.57 per barrel.

West Texas Intermediate (WTI) crude futures rose by $0.71, or 1.19%, to $60.62 per barrel by [1:10 pm] PST.  

Crude has tumbled since mid-January on concerns Trump’s tariffs will dent economic growth, and as OPEC+ moved to revive idled production.

While the US president hailed the pact with the UK as historic, specifics of the deal indicated it fell short of the “full and comprehensive” agreement he had promised.

The US, meanwhile, sanctioned a third so-called teapot refinery in China along with port terminal operators, vessels, companies and individuals alleged of facilitating the trade of Iranian crude.

Hebei Xinhai Chemical Group Ltd. was the main target of the action, as CNBC reported.

The UK also plans to sanction as many as 100 tankers that it says are part of the shadow fleet helping Russia move its oil.

The measures, which target ships carrying more than $24 billion worth of cargo since the start of last year, will be announced later Friday.

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