Brent crude futures rose $ 1.35 or 2.1%to 11:39 AM EDT (1539 GMT) to $ 65.26, while US West Texas Intermediate (WTI) reached $ 1.40, or 2.3%, 62.42.
US And to reduce the tariffs temporarily, Wall Street stocks, US Dollar Lar and crude prices were better on deals, as the world’s two largest oil consumers wanted to end the harmful trade war due to the fear of recession.
“This was the expected de-escalation and represents an upgrade in the point of view, though the process of negotiations will be likely to be challenging,” the analysts of the bank said in a note.
Oil prices reached a four-year low in April due to concerns over what the US-China trade war would do global economic growth and demand for oil, while at the same time the organization of petroleum-exporting countries (OPECs) decided to increase the production of more oil than earlier.
In Saudi Aramco, the largest manufacturer in OPEC, oil giant Aramco said it expected that this year’s demand for oil should remain elastic and if the US. And if China successfully resolves their trade dispute, it looks more SEE.
In Iraq, the second largest producer in OPEC, oil exports were surrounded by 2.5 million barrels (BPDs) daily in May and June, with a significant decline over the past months.
Norwegian Energy Firm Equinore said it also supported oil prices after temporarily stopping the output from Johan Castberg Oilfield in the Arctic Barrants Sea.
And in the Black Sea, exports to the Black C CPC mixture by the Caspian Pipeline Consortium System were at ease of 1.5 million BPDs below 1.6 million BPD in April.
US In the meantime, a Congress Home Committee issued a budget proposal that includes more than $ 1.5 billion to refill and maintain strategic petroleum reserves, and will cancel the Congress’s mandatory sales after large sales from facilities in 2022.
A lot of talk
It was a factor that could reduce oil prices between the US and Iran regarding Tehran’s nuclear program.
Iran is the third largest manufacturer in OPEC and can reduce any nuclear deal restrictions and export Iran to the amount of oil.
Another factor that could reduce oil prices was the possibility of US-Dalali negotiations between Russia and Ukraine.
Ukrainian President Wolodymir Zelensky said he was ready to meet Vladimir Putin in Russia in Turkey on Thursday, after which US President Donald Trump asked him to immediately accept the proposal of Kremlin’s leader in public.
Trump likely to join in negotiations between Russia and Ukraine in Turkey.
US According to data from the Energy Information Administration, Russia was the world’s second largest oil producer in 2024.
Any deal between Moscow and Ukraine can reduce sanctions on Moscow and increase the amount of oil that can be exported Russia.
India and Pakistan spoke by phone, the Indian army said that New Delhi had reopened airports and shares in both countries had risen in both countries last week.
India is the third largest consumer in oil.
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