US gasoline futures rose more than 1% to $1.84 per gallon, rebounding from an over 4-1/2-year low hit on Friday, as US President Donald Trump sought to ease concerns over its trading relationship with China. On Sunday, Trump said the US wants to help China and not hurt it, striking a more diplomatic tone two days after threatening an additional 100% tariff on Chinese goods. On the supply side, OPEC+ announced last week it would raise output by a modest 137,000 bpd in November, staving off traders’ fears of a super-sized increase. However, the broader market outlook remains bearish amid a looming supply glut and a gloomy global economic outlook. On the geopolitical front, Trump declared on Sunday that the war in Gaza was over as he flew to the Middle East, where he will address the Israeli Knesset and co-chair a summit in Egypt on the ceasefire deal between Israel and Hamas.
