Oil prices held steady on Monday as optimism over a potential US-China trade deal and renewed sanctions on Russia helped counter concerns about slowing global demand.
Brent crude futures inched up 0.2% to $66.08 a barrel, while US West Texas Intermediate (WTI) rose 0.4% to $61.74. Both benchmarks had earlier fallen by nearly 1%.
#Oil steadies as US-China trade deal hopes counter demand concerns..#oott #crude #wti #brent https://t.co/HcnLm8QNwn pic.twitter.com/js7OzQa1xn
— Alexis Ashi (@AlexisAshi) October 27, 2025
US Treasury Secretary Scott Bessent said Washington and Beijing had reached a “substantial framework” for a trade deal that could prevent sweeping tariffs and ease rare-earth export restrictions. The news boosted market sentiment, lifting stocks and crude alike.
Meanwhile, fresh US sanctions on Russian oil companies are expected to tighten supply if strictly enforced. “Traders remain cautious as to how much this will actually affect global supplies,” said Dennis Kissler of BOK Financial.
Despite lingering demand worries, recent sanctions and steady US consumption have provided some support to prices. OPEC’s shift from production cuts to regaining market share has also helped stabilize the market.
Iraq confirmed that exports remain unaffected by a weekend fire at the Zubair oilfield, while negotiations continue over its OPEC quota.
Last week, Brent and WTI surged nearly 9% and 8%, respectively, on tightening sanctions and hopes of revived trade momentum.
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