Oil steadies as traders set sights on US-China summit and OPEC+

Oil steadied as traders counted down to a summit between US President Donald Trump and Chinese counterpart Xi Jinping and, beyond that, an OPEC+ meeting on supply.

Brent was little changed below $65 a barrel after a modest gain on Wednesday, while West Texas Intermediate was near $60. The leaders of the two largest economies are expected to finalize a trade deal at their meeting in South Korea, while Trump may also use the exchange to lean on Beijing to curb purchases of Moscow’s oil after imposing sanctions on two Russian producers.

OPEC+, meanwhile, has a meeting on supply on Nov. 2. The alliance is expected to focus on reviving another sliver of production in December in a move that may amplify traders’ concerns about a global glut.

Crude remains on track for a third monthly decline, the longest losing run since the third quarter of last year. Prices have been dragged lower by expectations that supply hikes from OPEC+ as well as rival drillers will drive production above demand. The International Energy Agency has warned that the surplus in 2026 will be a record.

In South Korea, the two leaders will meet at 11 a.m. local time in what will be their first in-person discussion since Trump returned to office in January. Initial signals have indicated they are set to agree on a pact that could see a rollback of some tariffs, fees and export curbs threatened or implemented in recent months.

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