Crude oil advances in Asia, US-China trade talks in focus

WTI crude oil futures advanced to $65.6 per barrel on Monday after the US and EU finalized a trade pact, slashing tariffs to 15% and avoiding a harsher 30% threat. MCX crude oil for August delivery gained 0.25% to Rs 5662 per barrel. Traders are now closely watching US-China trade talks set for later today, with expectations of a 90-day truce extension boosting optimism over global crude demand. Attention is also turning to OPEC?s first survey-based July production estimates, which will reveal how much output has risen among members participating in voluntary cuts. Easing trade tensions and supply cues are expected to keep oil prices supported in the near term. The commodity had seen a modest drop of 1.35% in the last week.

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