2025.05.0809:21:00UTC+00Oil Prices Climb Before US-China Trade Talks

Oil prices rose more than 1 percent on Thursday ahead of upcoming trade talks between the U.S. and China, the world's two largest oil consumers.

Benchmark Brent crude futures climbed 1.1 percent to $61.81 a barrel in early European trade, while WTI crude futures were up 1.3 percent at $58.81.

U.S. Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland, as both sides seek to ease the economic and political disputes that have affected the global economy.

U.S. President Donald Trump said that the U.S. is no longer facing massive trade losses and he is unwilling to lower tariffs to get China to the table.

Separately, Bessent said that talks with China on Saturday are a beginning for talks, not advanced discussion.

Meanwhile, the White House is expected to announce a trade agreement with the U.K. later in the day, with focus likely to be on U.K. steel and car exports.

Britain is expected to cut duties on U.S. imports as part of the deal.