Oil rises as Washington-Beijing trade talks progress

27/10/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, Oct. 27, supported by positive developments in trade negotiations between the US and China, after economic officials from both countries reached an initial framework for a trade agreement.

 

Brent crude was trading up 0.4% at $66.20 a barrel, at 07:56 am Makkah time. West Texas Intermediate (WTI) rose 0.42% to $61.75 a barrel.

 

Both crude grade posted gains of nearly 7% last week.

 

Prices received support after US Treasury Secretary Scott Bessent said the US and Chinese sides had reached a substantive framework for a trade agreement during meetings in Kuala Lumpur, Reuters reported.

 

Bessent added that this framework paves the way for an upcoming meeting between President Donald Trump and his counterpart, Xi Jinping, to discuss economic cooperation later this week, while Trump expressed optimism that a final agreement would be reached soon.

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