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US-China trade talks push oil prices higher

  • Regular
  • Economy
  • 2 weeks ago
  • 18

Oil prices increased as reports of a likely truce between the U.S. and China on the current trade standoff, along with further production cuts from the OPEC nations.

Also to be noted are the sanctions from the U.S. on OPEC nations, Iran and Venezuela which are contributing to the decrease in outputs, while the U.S. producers lookl ike slowing down their own drilling which hit record highs not so long ago.

International Brent futures rose by 0.5% at $65.39 per barrel while U.S. West Texas Intermediate (WTI) crude futures increased by the same margin trading higher at $56.08 per barrel.

 

Source: Smart Trend Team