Crude oil prices in the spot market were seen inching upward following a wave of optimism sparked by ongoing trade talks between two of the world’s largest economies.

At the close of the opening session on Monday (June 9, 2025), Brent crude prices rose slightly by 0.03%, reaching US$66.49 per barrel. Similarly, West Texas Intermediate (WTI) prices appreciated by 0.03% to US$64.6 per barrel compared to the previous session on Friday (June 6, 2025).

Global oil prices have remained relatively stable after posting a notable increase during the previous week. This stability is occurring amid growing market optimism about trade negotiations between the United States and China, which are scheduled to begin early this week in London. The diplomatic engagement is viewed as a step toward easing tensions that have long weighed on the global markets, particularly in the energy sector.

Both key oil benchmarks—WTI and Brent—have strengthened due to expectations that a trade agreement could enhance economic growth prospects and stimulate global energy demand.

The meeting between U.S. and Chinese representatives is anticipated to serve as a turning point in improving strained trade relations that have disrupted global supply chains. Market participants are closely watching the outcome of the dialogue, which could provide clearer direction for future oil price movements.

“The possibility of additional U.S. sanctions on Venezuela, which may restrict crude oil exports, as well as potential Israeli attacks on Iran’s energy infrastructure, are adding to upward price risks,” noted analysts from BMI, a subsidiary of Fitch, in a report on Friday.

“However, weak global oil demand combined with rising production from both OPEC+ and non-OPEC countries is expected to exert downward pressure on oil prices in the coming quarters,” they added.