Brent crude oil futures fell toward $64 per barrel on Thursday, giving up gains from the previous session, as the Trump–Xi summit concluded progress on several trade issues but left energy discussions off the table. While developments in trade talks offered some relief for global growth outlook, the absence of energy issues left markets uncertain about supply prospects, especially after the US tightened sanctions on major Russian oil firms and President Trump pledged to push Beijing to cut Russian imports. Meanwhile, investors are also looking forward to the OPEC+ meeting on November 2, where the alliance is reportedly considering a modest output increase for December. Oil remains on track for a third consecutive monthly decline, the longest losing streak since mid-2023, as oversupply concerns continue to weigh on prices.
