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Crude Markets Rally on Hope for U.S.-China Deal While Saudi Cuts Chinese Supply

Oil prices increased on Tuesday as markets responded positively to ongoing U.S.-China trade negotiations in London. Brent crude rose to $67.20 per barrel while U.S. crude reached $65.43.

The price gains reflect investor optimism that a trade deal could boost global economic growth and oil demand.

Meanwhile, Saudi Arabia plans to slightly reduce its oil shipments to China in July, and OPEC+ continues to gradually increase production.

Separate negotiations between the U.S. and Iran regarding nuclear issues and sanctions remain unresolved, which could impact future oil supply if sanctions are lifted.

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