US-China trade tensions ratchet up
October 14, 2025
Crude oil was up in yesterday’s trading by 1% or more mainly due to US and China trade war concerns that got stirred up over the weekend. US Treasury Secretary, Scott Bessent, said that the meeting between US and Chinese leaders remains on track to be held in south Korea in late October. He also said communications between the two sides occurred over the weekend. This news was supportive of crude oil yesterday.
Also bullish for prices, China’s crude oil imports in September 2025 rose by 3.9% year over year. US equities rose substantially yesterday, which also supported crude oil and fuel prices.
A senior White House official said President Trump will meet Ukrainian President Volodymyr Zelensky on Friday for a working lunch. The two leaders spoke on both Saturday and Sunday as Ukraine’s President presses for access to more US-made weapons to counter Russian attacks.
From John Kemp: Brent crude oil six-month calendar spread (Nov to April) is trading in a backwardation of just 20 cents per barrel (April is less than November), the lowest for almost two years, as OPEC+ boosts output and crude inventories accumulate around the world.