US tariffs are increasingly pressuring the already challenged petrochemicals sector, with China, the top producer, shifting its exports to Asia, industry executives said at a conference in Singapore on Tuesday.

China's top legislative body on Monday began reviewing the first revision in more than two decades of the country's foreign trade law, as Beijing seeks to give legal backing to countermeasures it can take in a trade conflict.

Oil prices gained on Tuesday after Opec+ decided to increase production by less than what market participants had anticipated, while concerns over tighter supply due to potential new sanctions on Russia continued to lend support.

The Ministry of Investment, Trade & Industry (Miti) has secured RM450 million in potential investments in electrical and electronics (E&E) and machinery sectors from its recent trade and investment mission to the Netherlands.

Dated Brent crude prices are likely to fall to around US$55 (RM232.19) per barrel by year-end, an S&P Global executive said at the Asia Pacific Petroleum Conference on Monday.

China's export growth slowed to a six-month low in August, as a brief boost from a tariff truce with the US faded, but demand elsewhere provided officials some relief as they try to underpin an economy facing low domestic demand and external risks.