Oil prices settled with a focus on trade talks and “OPEC+” meetings
Oil prices stabilized in light of the marketing of the markets for the possibility of alleviating Europe and America’s commercial tensions, before the upcoming “OPEC+” meeting, which will make a decision on the supply policy.
“Brent” raw trading below $ 65 a barrel after a quiet session yesterday, Monday, due to holidays in London and New York, while the “Texas” crude settled near $ 61.
The European Union agreed to accelerate trade negotiations with the United States, just days after President Donald Trump, which the customs duties imposed, and the revenge measures of the affected countries, including China, caused destruction of global markets.
Since mid -January, oil prices have tended to decline due to fears of the repercussions of trade tensions, as well as “OPEC+” efforts to restore the suspended supplies, which formed additional winds.
Prices
“The long -term trend of crude oil is still standing,” said Zhou Mai, an analyst at a research institute of a research institute of “Chaos Turnari Futures”, adding that “from the offer, OPEC+ is heading towards reducing production restrictions, and from the point of demand, the global economy faces pressure from customs duties.”
The “OPEC+” alliance decided to make a video meeting date to determine the levels of production for the month of July to be held on May 31, that is, one day before the date, according to what “Bloomberg” quoted two delegates familiar with the matter. The coalition had held preliminary talks last week, to discuss the possibility of increasing production.
