FX.co ★ Brent Slips as US-China Talks Conclude

Brent crude oil futures declined toward $64 per barrel on Thursday, relinquishing gains from the prior session. This movement followed the Trump-Xi summit, which made headway on several trade matters, though energy topics were notably absent from the discussions. While the trade negotiations did provide some optimism for the global economic outlook, the lack of attention to energy matters has left the market uncertain about future supply, particularly in light of the U.S. tightening sanctions on significant Russian oil firms and President Trump's commitment to persuading Beijing to reduce Russian imports. Additionally, investors anticipate the upcoming OPEC+ meeting on November 2, where the alliance is reportedly considering a slight increase in output for December. Oil prices remain on course for a third consecutive monthly decline, marking the longest decline streak since mid-2023, as concerns over excess supply continue to exert downward pressure on prices.