Oil falls amid Washington-Beijing talks

30/10/2025 Argaam

Oil prices fell during trading today, Oct. 30, as investors monitored the outcome of trade talks between the United States and China, amid an assessment of demand prospects in the world's largest economy.

 

Brent crude was trading down 0.5% at $64.59 a barrel, at 08:16 am Makkah time. West Texas Intermediate (WTI) fell 0.55% to $60.15 a barrel.

 

The Federal Reserve cut interest rates by 25 basis points on Oct. 29 as expected, but Chairman Jerome Powell hinted that this cut may be the last this year, due to the lack of economic data.

 

US President Donald Trump announced a one-year agreement with China on rare earth minerals, reducing tariffs on Beijing to 47%.

 

Official data released yesterday revealed that commercial oil inventories in America fell by 6.9 million barrels last week, indicating strong energy consumption in the world's largest economy.

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