Oil stabilizes with the shift of attention from the trade war to the developments of the Middle East
Oil prices stabilized 3 days after the gains, with attention turning from the calm of the trade war between America and China, to developments in the Middle East.
Texas crude was circulated above the level of $ 61 a barrel after it rose 1.5% in the previous session, while Brent crude closed a little bit below the level of $ 65.
Futures recorded a decline in their highest levels during trading yesterday, after Washington indicated progress in nuclear talks with Tehran during the weekend, which strengthened expectations by eliminating restrictions on Iran’s oil exports in the near future.
Trump’s visit to the Gulf
Trump begins on Tuesday his first foreign tour in his second presidential term, as Saudi Arabia will be one of the most prominent leaders of the “OPEC+” coalition. The coalition decided to increase production to punish members who are not committed to agreed shares, which contributed to the decline in prices this year.
Oil prices have decreased by more than 10% since Trump declared large -scale customs duties in early April, which led to retaliatory measures by commercial partners, including China, which threatened economic growth and demand for fuel.
Although the 90 -day truce between the largest oil consumers in the world has provided some relief to the markets, the OPEC+production alliance will strengthen production at a meeting held on the first of June, which increases concerns about the possibility of a surplus in the supply within a later time this year.
