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Oil Prices Shoot Up Amid Refreshed SinoU.S. Trade Talks

Oil rates build up on Tuesday on the back of progress signs regarding trade agreement between two top economies, the world’s largest oil users, and amid estimates for U.S. inventories decrease.

oil prices grow on trade hopesPhoto: Pixabay

Brent price benchmark added 0.42 percent, to $62,88 per barrel, while U.S. WTI futures with delivery in January grew by 0.45 percent, to $58,28 per barrel at 13.19 GMT. 

Washington’s and Beijing’s trade representatives held a phone call on Tuesday, according to China’s Commerce Ministry comment, as both sides try to conclude a so-called Phase 1 trade deal, with hopes to move forward in a protracted trade war. 

OPEC’s countries, which plan to meet next week to discuss oil supply, should come to a right decision for a global economy that remains “very fragile”, the head of the IEA told Reuters on Tuesday.

Meantime, crude inventories in U.S. are expected to decrease by 300,000 barrels last week, while official data as usual will be released next day.