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WTI crude oil for September delivery was last seen trading at $ 0.88 (1.38%) to $ 63.08 per barrel.
Before the previous deadline given to China, it was about to end yesterday to attack a business deal with the US, US President Donald Trump signed an executive order and expanded the trade truste for another 90 days (until 10 November).
This long break given for the second time gives both countries enough time to meet the difference in agreements.
Since high tariffs result in global growth and a dragging on oil prices reduces the demand for fuel, this news was welcomed by oil traders.
Trump on Friday prepared to meet the Russian President Vladimir Putin in Alaska to discuss ways to end Russia’s three-plus year war with Ukraine.
Russia is facing the threat of sanctions from the US, as it has ignored the American arguments to end the war.
If the meeting is positively physical towards a peace agreement, secondary sanctions on India may be overcome.
In its monthly report, OPEC extended its forecast for the demand for oil for 2026, while the US and other non-OPEC+ producers (up to 630,000 barrels per day) trimmed their forecasts.
The group had estimated an increase of 1.38 million barrels per day for oil demand; 100,000 barrels more than expected.
The report also estimated improvement in global economic growth for 2025 to 3%, citing new American trade agreements with its various partners.
In short, the projection reveals a decline in high demand and supply growth.
In July, the coalition had increased 335,000 BPD in production, and recently, Cartel decided to increase production in September.
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