Oil prices held steady on Thursday after US President Donald Trump said he would cut tariffs on China to 47 per cent from 57 per cent following talks with President Xi Jinping in South Korea, easing global economic tensions. Brent crude fell 40 cents to $64.62 a barrel, while US West Texas Intermediate (WTI) dropped 31 cents to $60.17, reversing part of Wednesday's gains. The tariff deal, part of a one-year agreement, includes resumed soybean purchases, continued rare earths exports, and measures against illicit fentanyl trade, boosting market confidence and potentially supporting oil demand, according to Sugandha Sachdeva of SS WealthStreet. Brent is expected to stay between $60 and $72 per barrel in the near term. The US Federal Reserve's rate cut on Wednesday, signalling a possible pause due to the ongoing government shutdown, also supported commodities, said Rystad Energy's Claudio Galimberti. US crude inventories fell by 6.86 million barrels last week, far exceeding forecasts, adding further support. Despite these factors, both Brent and WTI are on track for a third consecutive monthly decline in October, down more than 3 per cent. Investors are also watching the OPEC+ meeting on November 2, where the alliance is expected to announce a 137,000 barrels per day supply increase for December, following a series of output boosts since April. Attribution: Reuters
