Crude oil prices rebound as US-China trade tensions ease and inventory draws down.

From Investing.com: 2025-04-23 01:44:00

Risk assets, including oil, rebounded as US-China trade tensions eased and President Trump reassured no intentions to fire Federal Reserve Chair Powell. Tightness in the oil market supported by API data showing declines in crude and refined product inventories. European gas prices dropped due to storage build-up. EU considers potential ban on Russian gas spot purchases to reduce reliance on Russian fossil fuels.

LME copper rose to a two-week high on dollar weakness and hopes for reduced China tariffs. Chinese smelters increased copper output to a record high in March despite low processing fees. Refined copper production in China rose 8.6% in March to 1.25 million tonnes. EU wheat yields raised in Mars report due to improved soil moisture in Southern Europe.



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