US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts for trade talks in Stockholm next week, and will “be working out what is likely an extension” to the current Aug. 12 deadline for negotiations. He also said that the discussions with China can now take on a broader array of topics, potentially including Beijing’s continued purchases of “sanctioned” oil from Russia and Iran.
Crude has traded in a relatively narrow range this month after a volatile June, when prices were jolted by the conflict between Israel and Iran. Brent is still down about 8% this year on concerns Trump’s tariff war will stifle consumption and as OPEC+ brings back production.In the US, meanwhile, the American Petroleum Institute said nationwide crude inventories fell slightly last week, while distillate stockpiles rose. Official data is due later on Wednesday.
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