Oil holds near two-month low as Trump extends China deadline

Oil was little changed after President Donald Trump extended a pause of sky-high tariffs on China, stabilizing trade ties between the world’s two biggest economies.

West Texas Intermediate traded near $64 a barrel, near the lowest in two months, while Brent closed above $66 in a subdued session on Monday. Trump signed an order extending the truce with China by 90 days, according to a person familiar with the matter.

Oil is down more than 10% this year as traders grapple with a surplus in the market after OPEC+ reversed a supply cutback made in 2023, despite signs of slowing economic growth. Traders will look to a meeting between Trump and Russian leader Vladimir Putin later this week for signs sanctions on the OPEC+ member will be eased, although the US president on Monday downplayed expectations for a deal to end the war in Ukraine.

Also Read: Asian stocks advance before US inflation, Nikkei climbs