FX.co ★ Brent Holds Weekly Gains

Brent crude oil futures hovered around $66.4 per barrel on Monday, following a notable rise throughout the week. This uptick was fueled by renewed optimism surrounding US-China negotiations, which could potentially reduce tariff-related pressures impacting global oil demand. Negotiators from both countries are slated for new discussions in London today, subsequent to a phone call last Thursday between US President Donald Trump and Chinese leader Xi Jinping. Additionally, the US jobs report for May, released on Friday, indicated underlying strength in the job market, helping to dispel fears of an economic downturn that could weaken demand for oil. On the geopolitical front, Russia executed a large-scale drone and missile offensive targeting Kyiv and other Ukrainian regions, shortly after Ukraine's unexpected strike on Russian air bases. These hostilities exacerbate the likelihood of sustained sanctions on Russian energy exports, posing a threat to global supply constraints and further bolstering crude prices.