FX.co ★ Brent Gains on US-China Trade Progress

Brent crude oil futures climbed above $64 per barrel on Monday, marking a near two-week high. This rise was driven by progress in trade discussions between the US and China, alleviating demand concerns from these major oil consumers. Both US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer expressed optimism following the weekend's discussions, promising to provide more details on Monday—a sentiment echoed by Chinese officials. Despite the rise, oil prices were constrained by the OPEC+ alliance's plans to accelerate production increases in May and June. Additionally, the potential for a US-Iran nuclear agreement contributed to downward pressure, as it might mitigate fears of global oil supply shortages. US and Iranian representatives wrapped up talks in Oman on Sunday, with more discussions on the horizon, as Tehran reiterated its commitment to uranium enrichment.