West Texas Intermediate (WTI) Oil prices stayed steady above $60.00 as traders waited for updates on US-China trade talks. There were rumors that President Trump urged China to cut back on purchasing Russian Oil during his meeting in South Korea. After previous increases, WTI Oil hovered around $60.10 per barrel. Crude Oil prices remained stable as traders were cautious following the US-China meeting that focused on key trade and economic issues.

South Korea Meeting Highlights

In South Korea, Presidents Trump and Xi Jinping chatted about several topics, including Russian Oil purchases. In the US, sanctions on Rosneft rekindled debates in Germany about possibly nationalizing the company’s operations, although a major refinery in Berlin is exempt from these sanctions until April 2026. OPEC+ is considering a slight production increase in December, following gradual monthly rises. Eight OPEC+ nations have significantly raised their output targets but still fall short of the cuts made in previous years. WTI Oil, known for its low sulfur content, serves as a major global benchmark sourced from the US. Its price is influenced by supply and demand, geopolitical events, and OPEC’s production quotas. Inventory data from API and EIA can greatly affect prices, with declines hinting at higher demand. Currently, WTI crude is stable around $85 a barrel as the market processes mixed signals about supply and demand. Traders are cautious about making big moves before important US-China talks next month and the upcoming OPEC+ policy meeting. The current stable prices may hide some underlying volatility in the weeks ahead.

Future Implications

Attention is turning to high-level talks between Washington and Beijing. We are watching for any updates on energy security, especially related to China’s ongoing purchases of sanctioned oil. Recent customs data from September 2025 revealed that China’s crude imports remained strong at over 11 million barrels per day, largely from Russia and Iran, leading to tensions. In Europe, we are closely observing developments in Germany about the future of the Schwedt refinery. The US sanctions exemption for Rosneft’s German operations will expire in April 2026, intensifying discussions about potential nationalization. This situation poses a significant risk to Europe’s refined product supply, particularly for diesel, as winter approaches. The next major event will be the OPEC+ meeting in early December. There is much debate about whether the group will extend its current production cuts into 2026 to support prices amid concerns about global growth. Reflecting on how the group handled the market with voluntary cuts in late 2023, we anticipate that any decision will aim to keep prices stable without hindering demand. In the short term, we should closely monitor weekly inventory data for signs of demand strength. For example, yesterday’s EIA report showed an unexpected crude draw of 2.1 million barrels, while a small increase was expected. This indicates that US demand remains strong, which could support prices if geopolitical tensions rise. Create your live VT Markets account and start trading now.

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