WTI crude oil futures rose to $61.6 per barrel on Monday, hovering at its highest level in over two weeks, as signs of a possible trade deal between the US and China lifted the energy demand outlook. US Treasury Secretary Scott Bessent said Sunday that he had reached a “substantial framework” in talks with Chinese Vice Premier He Lifeng, which will be discussed when their respective leaders meet later this week. Beijing also reported that the talks produced a preliminary consensus on key issues including export controls, fentanyl trafficking, agricultural trade, and shipping levies. Additional support for oil prices came from ongoing concerns over Russian supply. Last week, the US imposed new sanctions targeting Rosneft and Lukoil, which together account for about half of Russia’s daily oil production and are crucial to funding the Kremlin’s budget.
