World oil prices rise as US-China trade tensions ease

World oil prices increased in the trading session on October 13 due to the somewhat cooling developments in the US-China trade tension.

Pumping gas for vehicles at a gas station in Jiangsu, China. Photo: THX/TTXVN

Closing this session, North Sea Brent crude oil price increased by 59 US cents, equivalent to 0.9%, to 63.32 USD/barrel while US light sweet crude oil price (WTI) also closed the session up by 59 US cents, equivalent to 1%, to 59.49 USD/barrel.

Prices for the two oils fell about 4% in the previous session, closing at their lowest levels since May, after Mr. Trump was expected to cancel a meeting with Chinese President Xi Jinping and impose new tariffs on Chinese imports.

However, US Treasury Secretary Scott Bessent said on October 13 that the meeting between US and Chinese leaders is still on schedule and will be held in South Korea at the end of October. He also emphasized that there were important exchanges between the two sides over the weekend. In an interview with Fox Business Network, Mr. Bessent affirmed that trade tensions between the two countries have cooled significantly.

DBS Bank analyst Suvro Sarkar said the market sell-off appears to have been contained for now, with the near-term outlook for oil prices depending on the final outcome of trade talks between the two countries. Oil prices fell sharply in March and April at the height of trade tensions between the two countries.

On the demand side, customs data showed that China's crude oil imports in September 2025 increased 3.9% year-on-year to 11.5 million barrels per day.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) maintained its relatively high forecast for global oil demand growth for this year and next. In its monthly report released on October 13, OPEC implied that the oil market will see a much smaller supply deficit in 2026, as OPEC and its allies, known as OPEC+, ramp up production.

However, the prospect of peace in the Middle East has limited the upside for oil prices. Mr. Trump declared a “historic dawn of a new Middle East” after two years of conflict in Gaza. However, analysts at oil services company PVM note that traders want to see the peace last before factoring it into their oil price calculations.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-the-gioi-tang-khi-cang-thang-thuong-mai-my-trung-ha-nhiet-20251014071827841.htm