West Texas Intermediate (WTI) crude oil prices steadied near $60.10 per barrel during Thursday’s Asian session, easing slightly after modest gains in the previous session. Market participants adopted a cautious stance following the closely watched meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea, as traders await further clarity on trade and energy policy developments.
Caution dominates after Trump-Xi meeting
The Trump-Xi talks, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit, were expected to address a range of key bilateral issues, including trade, technology, and energy.
According to reports, President Trump sought China’s commitment to reduce purchases of Russian crude oil, aligning with Washington’s broader sanctions strategy against Moscow. The meeting also covered other strategic topics such as rare earth exports, soybean trade, fentanyl tariffs, and ongoing discussions over the TikTok deal.
US sanctions pressure Rosneft and spark German policy debate
Fresh US sanctions on Russian energy giant Rosneft have reignited political debate in Germany over the future of the company’s local operations. Rosneft controls a key refinery that supplies much of Berlin’s fuel demand. On Wednesday, the US Treasury announced that Rosneft’s German subsidiary has been granted a sanctions exemption until April 2026.
According to Reuters, German authorities are still lobbying for a permanent waiver but have also explored the possibility of seizing the assets and selling them to a foreign investor. The move underscores Europe’s delicate balancing act between maintaining energy security and aligning with US-led sanctions against Russia.
OPEC+ weighs modest output hike amid gradual recovery
Meanwhile, OPEC and its allies, including Russia, are reportedly considering a modest output increase in December as part of their strategy to gradually restore market share. Eight OPEC+ members have collectively raised output targets by more than 2.7 million barrels per day (bpd) in recent months—still less than half of the 5.85 million bpd in cumulative cuts implemented during prior production curbs.
The alliance remains cautious as global demand stabilizes, with traders closely monitoring how geopolitical developments, including the US-China dialogue and sanctions on Russian energy, could influence oil market dynamics in the months ahead.
