Oil prices hit a three-week high on Monday as rising Chinese imports and expectations of fresh U.S. sanctions on Russia buoyed market sentiment.
Brent crude rose by 58 cents, or 0.8%, to $70.94 per barrel, while U.S. West Texas Intermediate (WTI) gained 59 cents, or 0.9%, reaching $69.04 by 09:00 GMT.
The rally was driven by increased crude imports from China — up 7.4% year-on-year in June to 12.14 million barrels per day — as well as investor anticipation of U.S. President Donald Trump’s planned “major statement” on Russia. The statement follows Trump’s recent pledge to supply Patriot air defence systems to Ukraine.
UBS analyst Giovanni Staunovo said both China's import figures and U.S. geopolitical positioning were supporting oil markets. Meanwhile, a bipartisan U.S. bill advancing in Congress, aimed at imposing tighter sanctions on Moscow, and the European Union's forthcoming 18th sanctions package — expected to include a lower price cap on Russian oil — added to supply-side concerns.
However, analysts at J.P. Morgan warned that with China’s storage levels near peak, some inventories may shift to visible Western hubs, potentially putting downward pressure on prices in the longer term.
Last week, Brent and WTI recorded gains of 3% and 2.2%, respectively, following an IEA report suggesting that the global oil market may be tighter than headline figures indicate. Traders are also closely watching developments in ongoing U.S.-EU trade and tariff talks that could further impact global energy flows.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for 4 November, covering the latest developments you need to know.
U.S. Defense Secretary Pete Hegseth said on Tuesday that Washington would explore "flexibility" for American troops stationed in South Korea to address regional threats while maintaining the alliance’s core focus on deterring North Korea.
Chinese President Xi Jinping has pledged to boost mutual investment and deepen economic cooperation with Russia, as Moscow faces growing Western sanctions and trade pressure.
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