Oil is on its way to the biggest weekly loss in two years as the tension drops

The oil is on his way to recording its biggest weekly loss in two years, after the ceasefire agreement between Israel and Iran, where the concentration of investors from the conflict in the Middle East turned into US trade negotiations. Brent roughly settled about $ 68 a barrel during the week, while the West Texas Raws trades more than $ 65. While the fragile calm continued, investors began to draw their attention to the progress in trade talks between the United States and China. Trade Minister Howard Lootnick said an agreement was reached last month. Lootnick said in an interview with “Bloomberg” that the agreement, which was signed two days ago, contains clauses saying that China delivers rare minerals to the United States. A spokesman for the Chinese Embassy in Washington refused to comment. The Middle East calms the war allowance. Oil prices saw serious fluctuations this week within a series of about $ 15 a barrel, as prices jumped on Monday, to the US bombing on Iranian nuclear sites, before President Donald Trump announced a ceasefire on Tuesday. This agreement has reduced concerns about possible supplies from an area that produces about a third of the global oil. Since the ceasefire, Trump has sent conflicting messages about his campaign with maximum pressure on Iran’s oil income, suggesting that US financial sanctions have not managed much to stop China’s purchases of Iranian oil. According to the CNN, the Trump administration considers incentives to resume talks with Tehran, including softening sanctions and providing frozen Iranian funds. Priyanka Sashdiva, the chief analyst of the brokerage company “Philip Nova” in Singapore, said: “The oil ended a week full with a remarkable velocity of the war compensation,” Priyanka Sashdiva said. “With the decline in the geopolitical background in the Middle East, the focus is now in trade voltages and OPEC+,” she added. “Opec+” is preparing for a decision on the production policy of the trade agreement with China, referred to by Lootnick, comes before the July 9 deadline, in which the United States will decide whether to impose the fees of the liberation day on its most important commercial partners. The Minister of Trade added that the White House plans to reach commercial agreements with ten major partners in the short term. The interest of the oil market will also go to the “OPEC+” alliance and the possibility of implementing another significant increase in production stocks. The coalition meets on July 6 to make a decision on the production policy for August.