The oil price increases against the background of progress in trade negotiations of the USA and P.R.C.

The oil price increases against the background of progress in trade negotiations of the USA and P.R.C.

The cost of the North Sea mixture of Brent oil is growing by more than 1%, as the result of these bids. Thus, January futures on the ICE stock exchange reached $62.53 per barrel (+1.343%).

The “Prime” Agency notes that raw materials become more expensive against the fact that traders optimistically wait news about the trade agreement between the USA and China. Mass media previously reported that Chinese leader Xi Jinping and USA President Donald Trump declare some progress in the talks.

In addition, the “Brexit” negotiations contribute to the improvement of the economic situation in the world and the growth of oil prices. The exclusion of Britain’s exit from the EU without a deal has given some optimism to the oil market.

Now, experts expect on Wednesday the release of important, fundamental data on oil and gasoline reserves in the United States. This data can also greatly affect the value of black gold.

In general, analysts of the oil market do not exclude the cost increase of a barrel of the Brent oil to US $63.

Nury AMANOV