Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers.

U.S. Treasury Secretary Scott Bessent acknowledges China's position on oil purchases but suggests an overall trade deal remains likely.

Chinese refiners are asking for less oil from Saudi Arabia, with the drop possibly pointing to a reshuffle of global flows as more Russian crude becomes available, according to Energy Aspects Ltd.

Treasury Secretary Scott Bessent said China’s dependence on Iranian and Russian oil is a key issue in upcoming trade talks.

China's Zhenhua Oil is set to double its oil offtake from Abu Dhabi National Oil Co to 200,000 barrels per day after taking on a new role leading development of one of the exporter's top oilfields, three Chinese industry sources said.

China's oil refining output remained strong in July, with increased utilization at state-owned refiners and a jump in crude oil imports.

The Chinese government is boosting domestic production and the EV industry in the name of national security. There are 14 million chargers nationwide.

Beijing announced 75.8-per-cent duties on Canadian canola seed Tuesday, an escalation of the 100-per-cent tariffs imposed on canola oil earlier this year

Facing a surplus after record-high soybean imports in May, Chinese oilseed processors are now offering soyoil to India at prices $15–$20 per ton cheaper than comparable shipments from Argentina or Brazil. Chinese crude soy oil, Reuters said, is being sold at around $1,140 per ton, compared to $1,160 from South America.

CNPC-linked CPECC has secured a major $2.5B contract tied to the CSSP, raising questions about China’s long-term takeover ambitions.