FX.co ★ Oil Holds Weekly Gains

West Texas Intermediate (WTI) crude oil futures were approximately $64.50 per barrel on Monday, bolstered by a weekly upswing. This increase was fueled by renewed optimism surrounding the US-China negotiations, which hold the potential to mitigate tariff-related pressures on global oil demand. Representatives from both nations are scheduled to convene in London today, continuing discourse initiated by a recent phone discussion between US President Donald Trump and Chinese President Xi Jinping last Thursday. Furthermore, the US jobs report for May, released on Friday, demonstrated intrinsic resilience in the labor market, easing concerns about an impending economic slowdown that could weaken demand. In terms of geopolitical dynamics, Russia executed an extensive drone and missile offensive on Kyiv and other regions in Ukraine, following an unexpected Ukrainian assault on Russian air bases. Such hostilities intensify the likelihood of sustained sanctions on Russian energy exports, which could further constrict global supply and lend additional support to crude oil prices.