Oil prices rise after US and China reach trade-deal framework

Oil prices rose in early trade on Monday after U.S. and Chinese economic officials sketched out a trade-deal framework, easing fears that tariffs and export curbs between the world’s top two oil consumers could dent global economic growth. Brent crude futures rose 46 cents, or 0.7%, to $66.40 a barrel by 0027 GMT. US West Texas Intermediate crude futures rose 46 cents, or 0.75%, to $61.96, after rising 8.9% and 7.7%, respectively, in the previous week on U.S. and EU sanctions on Russia. Haitong Securities said in a note that market expectations have improved following new sanctions on Russia and the easing of U.S.-China tensions, countering concerns about crude oversupply that had driven prices down earlier in October. U.S. Treasury Secretary Scott Bessent said on Sunday top Chinese and U.S. economic officials hashed out a “very substantial framework” for a trade deal in Kuala Lumpur, which would allow President Donald Trump and President Xi Jinping to discuss trade cooperation later this week.