New York: Oil prices inched higher on Tuesday, October 14, 2025, as early signs suggested a possible easing of trade tensions between the United States and China. Brent crude futures rose to $63.54 per barrel, while U.S. West Texas Intermediate crude reached $59.71 per barrel, marking a modest gain of 0.4 percent for both benchmarks.

The increase comes after a period of volatility that saw oil prices drop to their lowest levels since May. Market optimism was boosted following confirmation from U.S. Treasury Secretary Scott Bessent that President Donald Trump remains committed to meeting Chinese President Xi Jinping in South Korea later this month. Such developments have raised hopes of a de-escalation in the trade dispute between the two largest economies, which could support global fuel demand.

Despite these positive signals, concerns continue to linger. China has expanded export controls on rare earth elements, and the U.S. is set to impose 100 percent tariffs on Chinese goods starting November 1. Both nations have also implemented reciprocal port fees on ocean shipping firms, adding complexity to maritime trade.

On the supply side, China’s crude oil imports for September rose 3.9 percent compared to last year, reflecting higher refinery activity and stockpiling. However, imports were down 4.5 percent from the previous month due to tight quotas for independent refineries and reduced shipments from countries like Iran and Russia.

Looking ahead, OPEC+ has projected that the current supply shortfall could ease by 2026 as oil output is expected to increase, which may further influence price movements in the coming months.