FX.co ★ Oil Dips, Eyes on US-China Trade Talks

WTI crude oil futures fell to approximately $60.3 per barrel on Thursday, following slight gains in the previous session, as the market remained attentive to the ongoing discussions between the United States and China. Leaders from both countries are scheduled to convene in South Korea to finalize a trade agreement that has been long awaited. Investors are optimistic that any progress made may alleviate worries regarding the impact of trade tensions on energy demand. Additionally, the discussions might involve President Trump urging Beijing to reduce its imports of Russian oil, in light of US sanctions on two major Moscow-based producers. Meanwhile, the spotlight is also on the upcoming OPEC+ meeting on November 2, where the coalition is reportedly contemplating a modest increase in oil output for December. Currently, oil is poised for a third successive monthly decline, marking the longest downward streak since mid-2023, as concerns of oversupply continue to pressure prices.