WTI hovers around $64.50, upside appears as potential US-China deal improves energy demand

• WTI price may appreciate as easing US-China tariff tensions improve energy demand.
• US and Chinese advisors are set to meet again to reach a final trade deal.
• Iran would present a counter-proposal for a nuclear deal to the US.

West Texas Intermediate (WTI) Oil price remains steady at around $64.50 per barrel at the time of writing. Crude Oil prices may continue their winning streak for the fourth successive day, as potential trade deal between the US and China eases tariff tensions, which dampened energy demands.

On Tuesday at 10.00 a.m. in London, US and Chinese advisors are set to continue meeting on a second day. Trade talks will continue as the world's two largest economies look to expand from tariffs to rare earth elements curbs, global supply chain disruptions and slower growth.

Treasury Secretary Scott Bessent said that Monday's meeting was good. Meanwhile, Commerce Secretary Howard Lutnick noted them as "fruitful," increasing expectations of progress in improving relations between the two countries.

Iran would offer a counter-proposal for a nuclear deal to the US, while President Trump said that he is not ready to allow Iran to continue its uranium enrichment activities. However, easing of US sanctions on Iran, the third largest producer among members of the Organization of the Petroleum Exporting Countries (OPEC), would allow the country to export more Oil, putting downward pressure on the global crude prices.

OPEC+, including OPEC members and allies such as Russia, plans to scale back its latest round of production cuts. "The prospect of further hikes in OPEC supply continues to hang over the market," Daniel Hynes, senior commodity strategist at ANZ, said in a note cited by Reuters.