Oil prices were stable as investors considered a potential trade truce between the US and China. Brent futures settled at $65.00 a barrel, while WTI crude settled at $60.57. Trump agreed to lower tariffs on China to 47% in exchange for soybean purchases and more. The deal was seen as a de-escalation by investors.

Oil giants Shell and TotalEnergies reported profit declines of 10% and 2% respectively due to lower oil prices. The US Federal Reserve’s rate cut could boost economic growth and oil demand. In Europe, the euro zone economy grew faster than expected, while Germany’s GDP stagnated. Oversupply concerns persist with US crude output hitting record highs.

In Saudi Arabia, the budget deficit widened to 88.5 billion riyals in the third quarter. OPEC+ is expected to announce another 137,000 bpd supply increase in December. The alliance has already boosted output targets by over 2.7 million bpd. Lower interest rates and economic growth could support commodities sensitive to economic activity.

Read more at Yahoo Finance: Oil prices steady as investors assess US-China trade truce