Oil prices rose slightly on Monday, supported by US tariff exemptions and a rebound in Chinese crude imports, though gains were limited by ongoing concerns over US-China trade tensions and slowing global demand. Brent crude gained 8 cents to $64.84 a barrel by 0822 GMT, while US West Texas Intermediate (WTI) rose 10 cents to $61.60. US President Donald Trump's administration on Friday excluded smartphones, computers, and other electronics from steep China tariffs, boosting sentiment. Trump also said he would announce tariffs on imported semiconductors this week. China's crude imports in March surged nearly 5 per cent year-on-year, driven by stronger deliveries from Iran and Russia, according to customs data. Despite Monday's gains, Brent and WTI have fallen about $10 a barrel since early April. Goldman Sachs now expects Brent to average $63 and WTI $59 for the rest of 2025 and $58 and $55, respectively, in 2026. The bank projects global oil demand in Q4 2025 will rise just 300,000 barrels per day year-on-year, with petrochemical feedstocks seeing the weakest growth. The Brent price curve has flipped into contango, with December 2025 futures trading below December 2026, indicating expectations of oversupply. Meanwhile, the US oil and gas rig count declined for a third straight week, according to Baker Hughes. Supporting prices, US Energy Secretary Chris Wright said Washington could halt Iranian oil exports as part of efforts to pressure Tehran. However, the US and Iran held "positive" talks in Oman on Saturday and plan to reconvene next week. Attribution: Reuters Subediting: M. S. Salama
