Petrol Prices Show Flat Trend with US-China Meeting

Developments in Oil Markets

Oil prices started to trend sideways following a meeting between U.S. President Donald Trump and Chinese President Xi Jinping. During this meeting, Trump announced that the tariffs imposed on China would be reduced from %57 to %47.

Signs of Improvement in Economic Outlook

This announcement is viewed as a positive sign indicating a easing of tensions that affect the global economic growth outlook. Market participants believe that such measures could help revive trade.

Price Changes and Market Reactions

On Wednesday, Brent crude oil futures increased by 52 cents, but as of Thursday morning, they decreased by %0.46 to settle at $64.62 per barrel. On the other hand, U.S. crude oil (WTI) fell %0.51 to $60.17, following a previous day's increase of 33 cents.

Tariff Regulations and Trade Expectations

Trump's announcement came after Beijing agreed to accept the tariff reduction on the condition that it would resume purchases of soybeans from the U.S. and continue exports of rare earth elements. Additionally, measures against illegal fentanyl trade were also part of the existing agreement.