Oil prices fell in early trade on Wednesday as markets were assessing the outcome of US-China trade talks. Brent crude futures lost 24 cents:hina trade talks. Brent crude futures lost 24 cents, or 0.36%, to trade at $66.63 a barrel, while US West Texas Intermediate crude fell 21 cents, or 0.32%, to $64.77.

According to Qatar News Agency, US and Chinese officials agreed on a framework to put their trade truce back on track and resolve China’s export restrictions on rare earth minerals and magnets. This development was announced by US Commerce Secretary Howard Lutnick on Tuesday at the conclusion of two days of intense negotiations in London.

The resolution of trade tensions between the two economic powerhouses had been highly anticipated, as markets closely watched the talks for potential impacts on global economic growth and commodity demand. The outcome of these discussions could have significant implications for the oil market, influencing supply chains and energy consumption patterns worldwide.