Oil stayed under $60 after the White House signaled openness to reaching a deal with China to quell fresh trade tensions between the two largest oil consumers.
West Texas Intermediate rose 1% to settle at $59.60 a barrel, rebounding from Friday’s 4.2% plunge — the steepest drop since May. The shift in tone toward Beijing followed a fresh round of US tariffs and export curbs announced on Friday. Equities also rebounded on the development, lending support to crude.
Tariff headlines are putting renewed bearish pressure on crude, said Razan Hilal, market analyst at StoneX. “Looking beyond the short term, such tariff tensions have previously acted as short-lived demand shocks in 2025 that paved the way for more favorable trade resolutions and cyclical recoveries.”
“We’ll be fine with China,” the US president told reporters on Air Force One in early Asian hours on Monday, although the tariffs on Nov. 1 remained the plan. He also said he’d consider arming Ukraine with long-range Tomahawk missiles that would allow strikes deeper into Russia, which increases the risk of further disruptions to oil supply from the OPEC+ member.
“Traders remain skeptical that trade with China may remain erratic until a deal is made, which could be a pressure point for crude near-term,” said Dennis Kissler, senior vice president for trading at BOK Financial. “On the other hand, WTI crude prices below $60 a barrel should continue to drop oil rig drilling numbers which will eventually equate to a drop in US production numbers.”
China’s move to levy fees on US-owned vessels arriving at its shores prompted last-minute cancellations across ship types, including oil tankers, leading to a jump in shipping rates. The taxes, which take effect from Oct. 14, mirror those implemented by Washington on Chinese vessels as the Trump administration takes aim at the Asian nation’s dominance in global logistics and shipbuilding.
The measures have added uncertainty to the outlook for oil, which dropped over the past two weeks as the Organization of the Petroleum Exporting Countries and its partners add barrels to the market, threatening to exacerbate excess supply that’s forecast for later this year. The alliance increased output by 630,000 barrels a day in September, OPEC said its monthly market report.
Meanwhile, the ceasefire agreement between Israel and Hamas has reduced concerns about a flare-up in fighting in the Middle East, the source of a third of the world’s crude. Hamas on Monday freed remaining living Israeli hostages from the Gaza Strip.
Oil Prices
WTI for November delivery gained 1% to trade at $59.49 a barrel in New York.
Brent for December settlement rose 0.94% to trade at $63.32 a barrel.
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