Oil prices edge higher ahead of U.S.–China trade statement

Oil prices rose moderately on Monday morning ahead of a joint statement expected from the United States and China following high-level trade talks in Geneva, trading data showed.

Brent crude futures for July delivery climbed 0.64% to $64.32 per barrel, while June futures for U.S. West Texas Intermediate (WTI) rose 0.74% to $61.47.

The two-day talks between the delegations, led by Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent, concluded on May 11. A joint statement is expected later on Monday.

Both Brent and WTI gained more than 4% over the previous week.