Commodity Roundup: Oil prices steady as markets weigh China data, trade talks

2025-06-09 05:55:10 ET

Brent crude ( CO1:COM ) was little changed at $66.46 a barrel at the time of writing, while WTI futures ( CL1:COM ) +0.03% at $64.60.

China’s export growth fell to a three-month low in May as U.S. tariffs hit shipments, according to new data, while factory-gate deflation worsened to its deepest level in two years, intensifying pressure on the world’s second-largest economy both domestically and globally.

China, a key importer of many commodities, saw its trade surplus widen sharply to $103.22 billion in May, more than market expectations of $101.3 billion. The increase came as exports grew while imports fell more than anticipated.

"The oil market strengthened over the last week thanks to a variety of global events, with the ICE Brent Aug-25 contract settling almost 5.9% higher. Canadian wildfires provided support, while the market is digesting announced supply hikes for July from OPEC+," ING analysts said.

"It’s no surprise that with the market moving higher, speculators increased their net long in oil. Speculators bought 42,496 lots in NYMEX WTI over the last reporting week, leaving them with a net long of 163,078 lots as of last Tuesday," ING's Warren Patterson and Ewa Manthey said.

The US market has been more constructive recently, which is also reflected in the narrowing of West Texas Intermediate’s (WTI) discount to Brent. The Canadian wildfires, which led to some production shut-ins, provided some relative support to WTI, they added.

Arabica coffee pieces meanwhile extended gains last week, up 4.6% on the week amid a decline in stockpiles. The latest data shows that total coffee stocks at US port warehouses monitored by the ICE exchange declined for a fifth straight session to 826.5k bags, the lowest since 1 May.

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