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- WTI price moves little as traders await developments on US-China trade deals.
- President Trump was expected to urge China to reduce its purchases of Russian Oil during the meeting in South Korea.
- US sanctions on Rosneft have revived debate in Germany over nationalizing its operations, including a key Berlin fuel refinery.
West Texas Intermediate (WTI) Oil price inches lower after modest gains in the previous session, trading around $60.10 per barrel during the Asian hours on Thursday. Crude Oil prices move little as traders stay cautious following the conclusion of the United States (US)-China meeting.
US President Donald Trump and Chinese President Xi Jinping held a crucial meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea. President Trump was expected to push China to curb its purchases of Russian Oil, following US sanctions on two major producers from Moscow. Both leaders were also expected to discuss a wide range of issues, from fentanyl tariffs to rare-earth to soybean trade to the TikTok deal.
US sanctions on Russian Oil producer Rosneft have reignited debate in Germany over nationalizing the company’s operations there, including a key refinery that supplies most of Berlin’s fuel. The US Treasury announced on Wednesday that Rosneft’s German subsidiary has been granted a sanctions exemption until April 2026. While Berlin continues to seek a permanent waiver, German officials are also considering seizing the assets and selling them to a foreign investor, Reuters cited two sources familiar with the discussions.
Meanwhile, OPEC+, the Organization of the Petroleum Exporting Countries and its allies like Russia, is considering a modest output increase in December as it continues gradual monthly hikes to regain market share. Eight OPEC+ members have increased output targets by more than 2.7 million barrels per day (bpd) over several months, remaining under half the 5.85 million bpd cumulative cuts implemented in previous years.
