This is taking place ahead of the next round of trade talks between the two countries, to take place in Sweden next week. U.S. Treasury Secretary described current relations as being “in a good place.” Chinese officials, for their part, have signaled a readiness on the part of the country’s government to reach a mutually beneficial deal. An official statement said that the Chinese side hoped for an atmosphere of “mutual respect, peaceful coexistence and win-win cooperation,” at the talks.
West Texas Intermediate slipped near $65 a barrel after earlier rising as much as 1.5%. US Commerce Secretary Howard Lutnick said the negotiations had been “fruitful.” Still, the talks haven’t yielded conclusive progress and may stretch into the night. Some Canadian oil sands production that was shut down by fires is coming back online, also easing prices off of intraday highs.