FX.co ★ Oil Rebounds as Trump Softens China Rhetoric

WTI crude oil futures saw an increase of over 1%, reaching $59.7 per barrel on Monday, recovering from a five-month low experienced last Friday. This uplift in market sentiment followed a more conciliatory approach by US President Donald Trump towards China, just two days after he had threatened the imposition of new tariffs. On Sunday, in the midst of the escalating US-China trade conflict, Trump indicated a desire to support rather than harm China. This statement followed his prior warning of an impending 100% tariff on Chinese imports starting November 1, which had stoked concerns about a potential intensification of the trade war, posing risks to global economic growth and energy demand. In terms of geopolitical developments, the ceasefire between the Israel Defense Forces and Hamas remained intact in Gaza for the third consecutive day on Sunday. This stability was observed in anticipation of the release of Israeli hostages and Palestinian prisoners, and an upcoming speech by Trump to the Israeli parliament.