Core Insights - Oil prices showed recovery from early losses due to optimism surrounding a potential trade deal framework between the U.S. and China, despite ongoing concerns about weak crude demand [1][2] - Brent crude futures were at $65.70 per barrel, while U.S. West Texas Intermediate crude futures were at $61.41, both experiencing a decline of nearly 0.2% [1] Demand Concerns - The oil market remains skeptical about trade deals, with analysts noting that a positive negotiating atmosphere does not guarantee increased demand [2] - Concerns over lackluster demand have pressured oil prices, with Brent crude falling to its lowest level since May earlier this month [3] - Stronger-than-expected U.S. demand and renewed sanctions on Russia have provided some support for oil prices [3] OPEC Dynamics - Iraq, as the largest overproducer in OPEC, is currently negotiating its production quota within a capacity of 5.5 million barrels per day [4] - OPEC and its allies have reversed previous production cuts this year to regain market share, which has contributed to stabilizing oil prices [4] Recent Price Movements - Last week, Brent and WTI crude prices increased by 8.9% and 7.7%, respectively, due to U.S. and EU sanctions on Russia [5] - The ongoing challenges for Russian oil to enter the market depend on the enforcement of sanctions [5]