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Crude oil futures end significantly higher amid US-China trade deal

12 Jun 2025 Evaluate

Crude oil futures closed significantly higher on Wednesday, supported by optimism over near-successful U.S.-China trade talks along with a fresh stand-off between the U.S. and Iran over a nuclear deal. Meanwhile, Energy Information Administration (EIA) report said that crude oil inventories in the U.S. decreased by 3.644 million barrels last week. However, OPEC+ has concurred to increase production by 411,000 barrels per day for May, June and July, speeding up its plan to increase production. Besides, the secretary-general of OPEC Haitham El-Ghais claimed yesterday that global demand will continue rising in the next 25 years to reach 120 million bpd, 24 percent more than the current level. 

Benchmark crude oil futures for July gained $3.17 or about 4.88% at $68.15 a barrel on the New York Mercantile Exchange. Brent crude for August delivery surged $2.90 or 4.34% to settle at $69.77 a barrel on London's Intercontinental Exchange.