1040 GMT - Oil prices rise on the de-escalating trade war between China and the U.S. Brent crude is up 3% at $65.80 a barrel, while WTI gains 3.15% to $62.94 a barrel. While oil prices have partially recovered from recent lows on trade policy optimism, prices are likely to edge down further and average $60 and $56 a barrel for Brent and WTI, respectively, for the rest of 2025, Goldman Sachs analysts say in a note. The U.S. bank's base case assumes OPEC hikes supply one final time in July, global supply growth excluding OPEC, Russia and U.S. shale is strong, and that demand slows but the U.S. avoids a recession. High spare capacity and elevated recession concerns skew the medium-term risks to oil prices to the downside, Goldman says. (joseph.hoppe@wsj.com)
(END) Dow Jones Newswires
May 12, 2025 06:41 ET (10:41 GMT)
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