Crude oil price trades at $105/bbl as investors focus on Trump’s meeting with China’s Xi Jinping; gold down 0.2%

Crude oil prices were trading above $105 per barrel (bbl) during the early market hours on Thursday, May 14, as investors now pin their hopes for any positive developments resulting from the two-day meeting between US President Donald Trump and China’s Xi Jinping.

Apart from topics like international trade, technology, and Taiwan, the West Asia conflict is also expected to remain on the cards for the meeting between the two national leaders, as China is one of the biggest importers of Iranian oil, receiving 97% of its exports back in 2024.

Global benchmark Brent crude oil prices were trading marginally lower on Thursday’s market after the energy prices surged to $108.28 per bbl on Wednesday’s market hours. The oil prices remained elevated throughout the week as the US-Iran ceasefire deal hangs by a “weak” thread.

The West Texas Intermediate (WTI) crude oil prices surged to $103.66 per bbl during Wednesday’s market hours, after opening at around $102 per bbl.

Oil prices today

At 7:34 am (IST), the Brent crude oil prices were trading 0.03% lower at $105.61 per bbl on Thursday, compared to $105.64 per bbl at the previous commodity market close, according to Investing.com data.

Meanwhile, the WTI crude oil prices were trading 0.01% higher at $101.03 per bbl as of 7:34 am (IST) on May 14, compared to $101.02 per bbl at the previous market close, as per the exchange data.

US-China meeting update

Crude oil prices were trading on an elevated level on Thursday’s market, India time, as the investors awaited any developments on the West Asia front after Donald Trump’s rejection of Iran’s response to the US proposal.

With the absence of any relief or positive cues from West Asia, oil prices have surged nearly 7% in the last one week period amid the heightened risk of an escalation of the US-Iran conflict.

Latest media reports showed that US President Donald Trump, in his two-day meeting with China’s Xi Jinping, will discuss international trade between the two nations while also discussing topics of technology and potentially the West Asia conflict.

A CNN report suggests that Trump is also expected to push China’s ally Iran to open the Strait of Hormuz as the two nations keep up their negotiations after repeated unyielding talks and failed proposals.

A separate CBS News report suggests that Trump said before arriving in China that the United States does not “need any help” from the Eastern nation to resolve the West Asia conflict. Despite that signal, investors are still pinning their hopes on any positive cues.

Gold prices today

At 10:10 pm (ET), the New York Mercantile Exchange-based COMEX gold prices were trading 0.23% lower at $4,695.80 per ounce on Wednesday, May 13, in the United States, compared to $4,706.70 at the previous market close, as per the official data.

The dollar rates were trading flat yet elevated in the global market, prompting the gold prices to trade lower due to the rising uncertainty over the conflict. Commodity traders are likely to buy less of the precious metals if the dollar rate remains higher, to avoid purchasing a higher quantity at an elevated price.

The Bloomberg US dollar spot index (DYX) data showed that the greenback was trading 0.04% lower at 98.482 as of 10:11 pm (ET) on Wednesday, compared to the previous currency market close levels.