Oil prices are rising after Trump's announcement of an expected trade agreement

Oil prices rose after US President Donald Trump pointed out to reach a commercial agreement with an unnamed country, at a time when he was facing increasing political pressure after imposing wide customs duties that increased the disturbance in the world markets. Brent oil rose near the $ 62 level level, after it fell 1.7% in the previous session, while the crude oil ‘Western Texas’ traded more than $ 58. Trump announced the agreement via a post on the ‘Truth Social’ platform, saying he intends to hold a press conference on Thursday without holding details about the scope or content of the agreement. The New York Times reported that the agreement with the UK will be. This news comes before the expected trade talks this week between US officials and Chinese, although Trump said on Wednesday that he did not intend to reduce customs duties on China in a proactive to stimulate negotiations. The pressure on oil prices recently recorded a falling trend amid the fear of the impact of major customs duties that Trump imposed on global economic growth, in addition to the decisions of the “OPEC+” group to reduce production restrictions. The producers of the shale oil in the United States also reduced the spending in the Bermean Basin after the fall in prices. “We will probably be the highlight of the destruction of the claim due to customs duties and commercial wars in the third quarter of this year,” says Robert Rene, head of commodity and carbon research at Westpack Bank in Sydney. He added that oil prices could vary from ‘middle to the late fifties’ during the second half of the year. In the United States, crude oil stock has decreased to the lowest level since the end of March for the second consecutive week, according to Energy Information Administration. Stock has also decreased at the main storage center in Coastal City, Oklahoma.