Oil prices rise as US-China trade tensions show signs of easing
Oil prices got a boost on Tuesday as early signs of a thaw in US-China trade tensions lifted market mood and eased worries about global fuel demand.
Brent crude edged up to $63.50 a barrel, and US WTI hit $59.65.
Why does US-China matter to oil prices?
Earlier this year, oil took a hit because of rising friction between the US and China—think new tariffs from Trump and tighter export controls from Beijing.
Those moves sent prices to their lowest since May.
But whenever these two superpowers get along, markets tend to perk up since it hints at stronger global growth.
What are the chances of a Trump-Xi meeting?
US Treasury Secretary Scott Bessent says President Trump is committed to meeting with China's President Xi Jinping later this month—a sign things could be turning around.
Investors are watching closely, hoping this meeting will help settle trade disputes and bring more stability to energy markets.