Crude Oil Rises on June 11 on US-China Trade Progress

Crude oil prices edged up by 0.32% to ₹5,583, buoyed by progress in US-China trade negotiations and reduced Saudi crude allocations to China.

The positive sentiment stems from ongoing discussions in London, where representatives from both nations have resumed talks to ease trade tensions, especially those related to tariffs and rare earth minerals.

OPEC+ Output Strategy and Inventory Movements

In a separate development, OPEC+ has announced a 4,11,000 barrels per day (bpd) output increase for July, as the alliance continues to unwind pandemic-era production cuts. Despite the planned hike, market sentiment remains cautiously optimistic due to a sharp decline in US crude inventories by 4.304 million barrels, the biggest drop since November 2024, signaling tightening supply.

Current Global Crude Prices

• WTI Crude: $64.94 (-0.06%)
• Brent Crude: $66.77 (-0.15%)
• Murban Crude: $66.84 (-0.16%)

Note: The prices of WTI Crude and Brent Crude are as of 10:30 AM and Murban Crude is as of 10:25 AM.

Also Read: Nifty IT Index Jumps 2% as US-China Talks, Stable Dollar, and FII Interest Boost Sentiment!

Conclusion

Crude oil markets remain supported by easing trade tensions and declining inventories, although rising refined product stocks suggest caution. Traders now await further updates from OPEC+ and trade dialogues.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.