Oil prices rise as Trump-Xi meeting at APEC remains uncertain
Oil prices saw a small bump on Tuesday, with Brent at $63.36 and WTI at $59.52 per barrel.
The move comes amid anticipation and uncertainty about whether US President Trump and China's President Xi will meet at the APEC summit in South Korea later this month—a meeting that could help cool off ongoing trade tensions.
Meeting could ease tariffs and trade tensions
If Trump and Xi sit down together, it is hoped that it could help ease some of the tariffs and trade tensions between the world's two biggest economies.
Even though Trump recently criticized China's export controls, US Treasury Secretary Scott Bessent says talks are still on track, showing both sides are willing to keep negotiating.
OPEC expects steady demand for oil through 2025
Oil traders are hopeful but still unsure—there are questions about whether Trump will show up at the summit at all.
Meanwhile, OPEC expects steady demand for oil through 2025, mostly thanks to growth in China, India, and other Asian countries.