Oil is declining with the expectations of increasing American stocks, but it remains near the highest level in two weeks

Global oil prices recorded a decline in trading today, Wednesday, with expectations of a significant rise in US crude stocks; However, the United States and China’s agreement to temporarily reduce mutual customs duties limit the decline and remain prices near the highest level in two weeks.

Data of the American Petroleum Institute issued on Tuesday showed that oil stocks in the United States increased by about 4.3 million barrels in the week ending the ninth of May this May. But official inventory data will be issued by the US Energy Information Department today.

By 10:30 GMT, the global crude futures for Brent delivery recorded a decrease of 1.2% to $ 65.5 a barrel.

The US West Texas Intermediate crude futures decreased by June 1.8% to $ 62.9 a barrel.

The two standard raws rose more than 2.5% in the previous session, after the two largest economies in the world agreed on Monday to suspend their trade war at least 90 days.

Under the agreement, the United States reduced customs duties from 145% to 30%, while China reduced customs duties on American imports from 125% to 10%.

“The US -Chinese agreement” dispensed some pessimism about demand “, while warning them of the continued impact of customs duties despite the new developments, according to Reuters.

Priyanka Sashdiva, the chief market analyst at Philip Nova, believes that the economic truce between the United States and China may have been a scenario in which demand can be revived amid cautious optimism, but the expectations of a leap in American crude stocks have been optimistic.