Following a call between US President Donald Trump and Chinese President Xi Jinping, the US and China agreed to hold further trade negotiations. This news drove international crude oil prices up on June 5, reversing the decline from the previous day.

West Texas Intermediate (WTI) crude for July delivery increased by US$0.52 (0.8%), reaching US$63.37 per barrel on the New York Mercantile Exchange. Brent crude for August delivery grew by US$0.48 (0.7%), settling at US$65.34 per barrel.