Oil prices rise on expectations of meeting between US and Chinese leaders

Oil prices rose in the afternoon session of October 29 due to a decline in US crude oil reserves and market expectations for a meeting between the leaders of the US and China - the world's two largest oil consuming countries.

Oil tanks at a refinery in Chiba, Japan. Photo: Kyodo/VNA

Brent crude oil prices increased by 22 US cents (0.34%) to 64.62 USD/barrel at 2:45 p.m. (Vietnam time). US light sweet crude oil (WTI) prices also increased by 20 US cents (0.33%) to 60.35 USD/barrel.

Chinese President Xi Jinping will meet with US President Donald Trump on October 30 in Busan, South Korea, the Chinese Foreign Ministry said, stressing that the meeting will “advance US-China relations” and affirming China’s willingness to cooperate to achieve “positive results.”

Priyanka Sachdeva, senior market analyst at Phillip Nova, said oil prices were supported this morning by a surprise drop in US inventories. However, factors such as sanctions and the stance of the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producers (collectively known as OPEC+) are having a significant impact on the market. She also warned that the current rally is not without limits, because despite tightening supplies and increased sanctions, demand remains weak and capacity remains surplus.

Data from the American Petroleum Institute (API) released on October 28 showed that US crude oil, gasoline and distillate inventories all fell last week. Crude oil inventories fell by 4.02 million barrels in the week ended October 24, while gasoline and distillate inventories fell by 6.35 million barrels and 4.36 million barrels, respectively, compared to the previous week.

Brent and WTI oil recorded their biggest weekly gains since June 2025, after US President Donald Trump imposed sanctions on Russia for the first time in his second term over the conflict in Ukraine, focusing on major oil companies such as Lukoil and Rosneft.

OPEC+ is likely to raise output modestly in December 2025, four sources familiar with the talks said, with two suggesting an increase of 137,000 barrels a day.

Demand for crude oil remains strong, even before sanctions were imposed on major Russian oil companies, and demand from China remains steady, the chief executive of Saudi Aramco said on October 28.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-tang-nho-ky-vong-ve-cuoc-gap-cac-nha-lanh-dao-my-va-trung-quoc-20251029165017485.htm