WTI edges higher to near $59.50 due to easing US-China tensions
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West Texas Intermediate (WTI) Oil price gains ground for the second successive session, trading around $59.30 per barrel during the Asian hours on Tuesday. Crude Oil prices receive support from easing United States (US)-China trade tensions. US President Trump softened his stance on China, signaling openness to a deal just days after threatening 100% tariffs. Additionally, US Treasury Secretary Scott Bessent said Monday that President Trump remains committed to meeting China’s President Xi Jinping in South Korea this month to ease tensions over tariffs and export controls. Oil prices also draw support from increasing caution regarding Ukraine-Russia tensions after President Trump shared plans to send long-range Tomahawk cruise missiles to Ukraine. When asked aboard Air Force One on Sunday whether he would supply Kyiv with Tomahawks, Trump responded, “We’ll see… I may.” He added that providing the missiles would represent “a new step of aggression” in Ukraine’s conflict with Russia, per BBC. The upside of the Oil prices was capped as geopolitical risk premiums eased following Hamas’s release of Israeli hostages and Israel’s release of Palestinian prisoners. Moreover, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, stated in its monthly report on Monday that the Oil market’s supply shortfall is expected to narrow in 2026, as the broader OPEC+ alliance proceeds with its planned production increases. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The…
