Crude oil futures gain as Trump says China wants to buy US oil

Crude oil futures traded higher on Friday morning after US President Donald Trump said China wants to buy crude oil from the US.

At 9.30 am on Friday, July Brent oil futures were at $106.91, up by 1.13 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $102.38, up by 1.20 per cent. May crude oil futures were trading at ₹9815 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Friday, against the previous close of ₹9724, up by 0.94 per cent, and June futures were trading at ₹9445, against the previous close of ₹9350, up by 1.02 per cent.

Referring to the bilateral meeting in Beijing on Thursday, Trump told Fox News that Chinese President Xi Jinping has agreed to purchase soyabeans, energy and jets from the US.

According to Fox News, Trump told host Sean Hannity that China agreed to buy US soyabeans, oil and liquified natural gas and other energy. He also said that China is committed to helping the US with Iran.

In a post on the social media platform Truth Social, Trump highlighted his administration’s performance in the last 16 months. He said this includes all-time high stock markets and military victory and thriving relationship in Venezuela. He said: “…the military decimation of Iran (to be continued!)” He termed US military as the ‘strongest military on earth by far’

Published on May 15, 2026