Brent crude oil futures dropped to $65.4 per barrel on Monday as concerns over ample supply outweighed optimism surrounding a potential US-China trade deal. Oil prices had initially risen after US Treasury Secretary Scott Bessent announced that he had reached a “substantial framework” with Chinese Vice Premier He Lifeng, which will be discussed when their respective leaders meet later this week. The talks covered a wide range of issues, including export controls, tariff suspensions, fentanyl-related tariffs, and agricultural trade. Support for oil prices also came from continued concerns over Russian supply, after the US imposed new sanctions targeting Rosneft and Lukoil, which together account for about half of Russia’s daily oil production. However, the IEA noted that the oil market is expected to remain in surplus, with production from the so-called “American quintet”, the US, Canada, Brazil, Guyana, and Argentina, outpacing demand growth.

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