FX.co ★ US Gasoline Rebounds from Multi-Year Lows

U.S. gasoline futures have climbed by more than 1%, reaching $1.84 per gallon, recovering from their lowest point in over four and a half years, which was recorded on Friday. This price movement follows efforts by President Donald Trump to alleviate concerns about the United States' trade relationship with China. On Sunday, President Trump expressed a desire to assist rather than harm China, adopting a more conciliatory approach just two days after he proposed an additional 100% tariff on Chinese goods. In terms of supply, OPEC+ announced last week that it plans to increase production by a restrained 137,000 barrels per day in November, alleviating traders’ concerns about a significantly larger production boost. However, the overall market sentiment remains pessimistic due to an anticipated oversupply and bleak global economic prospects. On the geopolitical stage, President Trump announced on Sunday that the conflict in Gaza had concluded as he traveled to the Middle East. There, he plans to speak at the Israeli Knesset and will co-chair a summit in Egypt focused on the ceasefire agreement between Israel and Hamas.