Brent crude oil is being sold on international markets for $65.57 a barrel.

As of 09:34 today, Brent crude oil prices increased by 0.57% to $65.57 per barrel. At the same time, West Texas Intermediate crude oil traded at $61.88 per barrel.

The price increase was influenced by receding global economic concerns following progress in trade negotiations between the United States and China, the world’s two largest oil consumers.

Delegations led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent met in Kuala Lumpur, the capital of Malaysia, on October 25-26.

Following the new round of negotiations aimed at resolving escalating trade tensions caused by tariff increases, the two countries announced that they had reached an agreement.

Chinese International Trade Representative Li Chenggang stated that they had reached a “preliminary agreement” on tariffs and that it would be submitted for internal approval by both countries, while US Trade Representative Jamieson Greer stated that a framework agreement had been reached, with the final details to be reviewed and approved by the leaders of the two countries.

As US President Donald Trump and Chinese President Xi Jinping are expected to meet in South Korea on Thursday, these developments have strengthened expectations that progress can be made in the meeting on trade relations between the two countries.

Expectations that the US Federal Reserve (Fed) will cut interest rates are also supporting prices upward.

Consumer Price Index (CPI) data in the US, which was announced late due to the closure of the federal government, fell short of expectations last week. Following the better-than-expected inflation data, the money markets almost certainly expect the Fed to cut the policy rate by 25 basis points at its October 28-29 meeting, while strong forecasts remained for the bank to continue easing at the December meeting.

On the other hand, concerns about the impact of US sanctions on the Russian oil sector on the markets continue. Experts are cautious about how effective the sanctions will be, considering that Russia has managed to overcome US restrictions in the past. The main question in the debate is whether the main Russian oil buyers, India and China, will succumb to US pressure.

Technically, $66.29 is seen as the resistance level and $65 as the support zone for Brent oil.