Oil Falls as Trump, Xi Jinping Meeting Curbs Tariff Expectations

Group 1 - The oil market is experiencing volatility, with prices fluctuating due to conflicting signals on supply and economic outlook [2][3] - West Texas Intermediate crude oil prices have fallen to around $63 per barrel, with futures expected to end the week little changed [3] - Geopolitical tensions, particularly related to Ukraine's strikes on Russian energy assets, are providing some support to prices, but fears of oversupply are limiting upward movement [2][3] Group 2 - Traders are closely monitoring the relationship between the US, China, and India regarding their purchases of Russian oil [4] - Recent discussions between US President Trump and Chinese President Xi Jinping have reduced expectations of new US tariffs against China, impacting market sentiment [5] - The US central bank's decision to cut interest rates by 25 basis points is typically supportive of energy demand, but concerns about labor market weakness are weighing on sentiment [6] Group 3 - Crude oil has been trading within a $5 range for the past month and a half, influenced by geopolitical tensions and bearish fundamentals [7] - The return of OPEC+ supply is raising predictions of a potential glut later in the year, while tariffs imposed by the US threaten economic stability [7] - The balance between OPEC+ oversupply and potential declines in Russian oil sales is keeping crude futures in tight trading ranges [8]