Oil prices little changed ahead of Sino-US trade meeting

Reuters

Thu, May 8, 2025, 7:24 PM 1 min read

(Reuters) - Oil prices were small changed aboriginal connected Friday aft rising much than 3% successful the erstwhile session, arsenic commercialized hostility betwixt apical lipid consumers U.S. and China showed signs of easing and Britain announced a "breakthrough" commercialized woody with the United States.

Brent crude roseate 7 cents, oregon 0.1%, to $62.91 a tube portion U.S. West Texas Intermediate crude was up 7 cents, oregon 0.1%, astatine $59.98 a tube arsenic astatine 0121 GMT. On Thursday, Brent settled up 2.8% astatine $1.72 and WTI roseate 3.2% to $1.84.

U.S. Treasury Secretary Scott Bessent volition conscionable China's apical economical authoritative Vice Premier He Lifeng successful Switzerland connected May 10 to enactment toward resolving commercialized disputes that person threatened maturation successful the depletion of crude oil.

Separately, U.S. President Donald Trump and British Prime Minister Keir Starmer announced Britain had agreed to little tariffs connected U.S. imports to 1.8% from 5.1%. The U.S. chopped duties connected British cars but near a 10% tariff connected astir different goods.

Elsewhere, the Organization of the Petroleum Exporting Countries and allies - oregon OPEC+ - program to summation output which could support unit connected lipid prices. A Reuters survey recovered OPEC lipid output edged little successful April arsenic accumulation declines successful Libya, Venezuela and Iraq outweighed a scheduled summation successful output.

Tighter U.S. sanctions connected Iran could restrict proviso and propulsion prices higher. Sanctions connected 2 tiny Chinese refiners for buying Iranian lipid made it hard for them to person crude and led them to merchantability their merchandise nether alternate names, sources told Reuters connected Thursday.

(Reporting by Sudarshan Varadhan; Editing by Christopher Cushing)