• Brent crude rose 1.2% to $67.85 per barrel, its highest level in seven weeks
• Market optimism grows as the U.S. and China resume trade discussions in London
• Saudi Arabia plans to slightly cut oil shipments to China in July

Oil prices rose yesterday, June 10, reaching their highest point in seven weeks, as markets reacted to encouraging signals from trade talks between the United States and China.

Brent crude, the global oil benchmark, climbed 1.2% to $67.85 a barrel. This recent rebound is giving fresh momentum to a market that had been slowing down for weeks. Many traders and analysts see the current price levels as a possible turning point.

The rise comes as the two largest economies in the world sit down for new discussions in London. According to Harry Tchilinguirian, head of research at Onyx Capital, “There's a sense of optimism around these trade talks, the market is waiting to see what this will produce and that is supporting prices”.

At the heart of the negotiations is the potential lifting of certain U.S. export restrictions targeting China. These restrictions have been a major point of friction between the two countries.

Meanwhile, Saudi Arabia, China’s top oil supplier in 2023, has announced plans to slightly reduce its shipments to Beijing in July. Last year, the kingdom delivered 86 million tons of crude to China, representing 16.5% of the country’s total oil imports.

For African oil producers like Nigeria and Angola, the jump in prices is a welcome development. Both countries have built their 2025 budgets around oil prices ranging from $70 to $75 per barrel. The current rebound offers some relief as they plan for the year ahead.