Petrol Prices are Rising: Expectations of US-China Talks

Increase in Petrol Prices

In the global energy markets, petrol prices are rising, focusing on the possibility of a potential meeting between US President Donald Trump and Chinese President Xi Jinping to reduce tensions between the two countries. This situation has attracted the attention of investors.

Intraday Price Increase

Brent crude oil rose by 1.39% to $63.60, while US West Texas Intermediate (WTI) crude oil increased by 1.48% to $59.77. Currently, Brent is trading at $63.57 and WTI at $59.68. Experts indicate that the resistance level for Brent is $60.63, while the support level is $58.56. If the resistance level is breached, prices are expected to rise to $62.14.

New Developments in Trade War

Last week, trade tensions between the US and China re-emerged. China expanded restrictions on the export of rare earth elements, which led President Trump to impose 100% tariffs on all imports from China. Additionally, it was announced that new export bans would come into effect for all critical software by November 1.

Expectations Before the APEC Summit

These developments coincide with the likelihood of the two leaders meeting ahead of the Asia-Pacific Economic Cooperation (APEC) Summit to be held in South Korea. While uncertainties in the markets continue, analysts are keenly following the potential impacts of this meeting. Goldman Sachs analysts stated, "The fundamental question for the markets is whether the announced measures will actually come into effect."