Oil Prices Climb as U.S., North Korean Leaders Hold Historic Talks

Oil prices climbed on Tuesday as traders look forward to the outcome of a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore.

Crude Oil WTI Futures for July delivery were trading at $66.21 a barrel at 12:22AM ET (04:22 GMT), up 0.17%. Brent Oil Futures for August delivery, traded in London, were up 0.03% at $76.48 per barrel.

Shanghai Crude Oil WTI Futures for September delivery were down 0.06% at 469.90 yuan per barrel on Tuesday.

Oil markets would likely to be heavily driven by policy events and statements this week, according to analysts.

“This week is all about global developments … And today marks the potentially momentous meeting between Donald Trump and North Korean leader Kim Jong-Un in Singapore,” said Shannon Rivkin, investment director at Australia’s Rivkin Securities

Oil steady as Trump cites progress in talks with Kim

Oil markets were stable on Tuesday amid cautious optimism over the outcome of a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore.

Movements in crude markets were also limited ahead of a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and some of its allies on June 22 that may determine the crude production policy of several major producers.

Brent crude futures (LCOc1) were trading at $76.54 a barrel at 0514 GMT, up 8 cents, or 0.1 percent, on their last close.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $66.25 a barrel, up 15 cents, or 0.2 percent, from their last settlement.

Crude has been supported by healthy demand and voluntary production cuts led by OPEC, but analysts said oil markets were also currently heavily driven by public policy events and statements.

Trump said a closely watched summit with Kim on Tuesday had gone “better than anybody could have expected”, and they would sign a document following talks on ways to end a nuclear standoff on the Korean peninsula.

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