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WTI crude oil traded at $ 65.40 per barrel, which is $ 0.29 (or 0.45%) today.
In the Middle East, the ceasefire between the warning Israel and Iran continues. The price of oil rose during the 12-day war that began after attacking Iran on June 12, which was attacked after the ceasefire.
Today, the US Senate passed Trump’s mega bill, which now goes to the House of Representatives to argue. Investors are concerned that if this bill becomes a law, it will add $ 3.3 trillion to the US dollar and the resulting US federal debt affecting dollars and dollars.
Traders are now focused on the upcoming July 6 meeting of the upcoming July. The group is expected to announce an increase in oil production for August, which is 411,000 barrels per day. If approved, this supply can bring a demand for 1.78 million BPD or more than 1.5% global oil.
The traders are looking at the events on the tariff front as the time limit of 9 July determined by US President Donald Trump is near.
Canada has accepted American pressure by canceling 3% tax on American companies to revive trade talks.
Trump has already announced that the US and India are making a good deal soon.
Last week, China and the United States announced that they had mutually agreed to build a new trade deal based on the agreement signed by the two countries last month.
The US Energy Information Administration has been scheduled to release the inventory data tomorrow, analysts that if the European Union mediates an agreement with the US by 9 July, the global economy can achieve the necessary speed.
A sharp global economy can accelerate the demand for oil and offset the impact of any supply side.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
