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

WTI crude oil futures climbed to over $61 per barrel on Monday, marking the highest level in nearly two weeks. This upward movement was attributed to positive developments in the US-China trade discussions, which have lessened concerns about demand from the world's two biggest oil consumers. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer conveyed optimism following the weekend negotiations, indicating that more details would be disclosed on Monday. This sentiment was echoed by Chinese officials. Nonetheless, the rise in oil prices was tempered by OPEC+ plans to expedite increases in output for May and June. Additionally, the prospect of a US-Iran nuclear agreement exerted downward pressure, as it could alleviate worries about global oil supply constraints. US and Iranian negotiators concluded talks in Oman on Sunday, with more discussions forthcoming, as Tehran remains committed to its uranium enrichment activities.