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WTI crude oil for July delivery settled at $ 65.29 per barrel, up to 71 cents, most since April 3. Brent crude was last seen at $ 66.83, up to 36 cents.
The much -awaited trade talks between the US and China today hit a kick in London to end the Tariff War, which has already disturbed the global economy.
This news is expected a positive result in today’s trade as oil traders. If their assumptions come true, it can increase the demand for global oil on a large scale.
Additionally, Crude Oil had supported the Carrie-Over since last Friday when a Baker Hughes report showed that the American oil leaks active for the week ended on June 6 had reduced to a three-and-a-half years.
In addition, since the peak summer travel season is coming, fuel consumption and oil demand is expected to be high. It also helped in raising oil prices today.
On the Geophysical Front, Russia began an intense drone and missile attacks on Ukraine, preventing assurances to pursue peace talks with Ukraine. This has triggered concerns about further restrictions on Russian energy to add crude oil demand.
According to Morgan Stanley data, in the supply side, the recent oil production of OPEC+ is still still to translate into any production surplus.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
