Oil prices continue to rise
Author: Mario Schmidtgen
Reason should be hope for progress in trade dispute
Oil prices have skyrocketed on Tuesday. This is why a barrel (159 liters) of Brent crude cost 64.08 US dollars. An increase of 37 cents compared to the previous day. For a barrel of West Texas Intermediate, the increase was 32 cents, resulting in a value of 57.19 dollars.
The explanation for the price increase should lie in the hope of progress in the trade dispute between the USA and China. The first negotiations will now be restarted after several months of pause.
Steven Mnuchin, US Treasury Secretary, and US Trade Representative Robert Lighthizer are now expected in Shanghai. A meeting with the Chinese delegation will take place there. The dispute between the world’s two largest economies has repeatedly put pressure on oil prices.
In addition, it looks as if oil reserves will continue to fall. This will also have a significant impact on oil prices. Exact figures will be released by the US government later this week. The market expects the US oil reserves to fall for the seventh time in a row.