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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Typhoon Champi swept past Taiwan on Saturday, leaving one person dead and more than 500 injured as strong winds and torrential rain brought down trees, cut power and disrupted transport across the island.
French President Emmanuel Macron on Friday described a deadly shooting in the towns of Trappes and La Verrière, west of Paris, as a racist attack and ‘a turning point’ for the country.
Israeli forces have maintained a tight closure on Hebron in the occupied West Bank for a second day, with Palestinian media reporting home raids, mass detentions and dozens of residents forced outside following a shooting incident the day before.
German police have detained a suspect after a major fire broke out at the historic Kehlsteinhaus, known as the “Eagle’s Nest”, a mountain retreat once used by senior Nazi officials, including Adolf Hitler.
Venezuelan opposition leader María Corina Machado has returned to the South American nation almost a year after she secretly left the country to travel to Norway for the Nobel Peace Prize ceremony.
Riot police fired tear gas at protesters in France’s largest cities and more than 1,300 people were arrested during demonstrations against the rising cost of living on Saturday (24 October). Police also used a water cannon on a group of around 500 hooded youths in Paris, after the main rally ended.
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Protests against war and rising living costs took place in major Italian cities on Saturday, with some incidents of violence and clashes, a week after unrest erupted across the country.
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