Oil prices are set for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for economic growth and increased demand. The market is also influenced by potential sanctions on Venezuela and Israeli strikes on Iran, balanced by increased OPEC+ production.
Oil prices headed for rebound this week as Trump and Xi resume trade talks
Business
AI Summary
TL;DR: Key points with love ❤️Oil prices are set for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for economic growth and increased demand. The market is also influenced by potential sanctions on Venezuela and Israeli strikes on Iran, balanced by increased OPEC+ production.
Trending- 1 Past two weeks: Oil prices fell.
- 2 This week: Oil prices on track for first weekly gain.
- 3 Friday: Trump and Xi resumed trade talks.
- 4 July: Saudi Arabia cut crude prices for Asia; OPEC+ agreed to ramp up output by 411,000 barrels a day.
- 5 2Q/3Q (current year): Market looks balanced.
- 6 4Q25: Accelerated OPEC+ hikes expected to create a bigger surplus.
- Potential for increased global economic growth and stronger oil demand
- Continued volatility in oil prices based on geopolitical and trade developments
What: Oil prices are rebounding, on track for their first weekly gain in three weeks, due to resumed trade talks between U.S. President Donald Trump and Chinese leader Xi Jinping.
When: Friday (current day of article), this week (oil prices on track for gain), two straight weeks (previous decline), July (Saudi Arabia cut crude prices, OPEC+ output ramp up), 2Q/3Q (market balanced), 4Q25 (bigger surplus forecasted).
Where: Washington (implied location of US-China talks), Venezuela, Iran, Saudi Arabia, Canada.
Why: Hopes for growth and stronger demand in the world's two largest economies (US and China) following the resumption of trade talks. Other factors include potential US sanctions on Venezuela, Israeli strikes on Iranian infrastructure, and OPEC+ production decisions.
How: Trade talks between Trump and Xi, confirmed by Xinhua news agency, led to a 'very positive conclusion.' Oil prices reacted positively to this news, despite other market pressures.