Oil remained below $ 60 a barrel after the White House indicated its openness to conclude an agreement with China to contain new trade tensions between the world’s largest oil consumers. Brent oil for the December delivery increased by 0.94% to trade at $ 63.32 a barrel, while the intermediate ru of West Texas rose by 1% to settle to $ 59.60 a barrel, which dropped from a 4.2% drop on Friday, the largest since May. The shift in US tone to Beijing came after a new round of rates and export restrictions announced by the United States on Friday. Stock also recovered in the back of this development, which provided extra support for oil. Razan Hilal, a market analyst at Stone, has short -term trading “news of rates on oil prices,” the US president told reporters aboard Air Force One during the early Asian hours of Monday, although the rates scheduled for November 1 are still part of the plan. He also indicated that he is considering providing the Tomahawk missiles with Ukraine that enables deeper strikes in Russia, which increases the risk of further disruption in oil supplies of the OPEC+ Alliance member state. Also read: Putin facilitates the rules of fuel subsidy for refineries after the Ukrainian attacks on US oil production Dennis Kessler, senior vice president of trade at Bok Financial, said: “Traders are still skeptical that the trade with China can remain volatile until an agreement can be reached, which can form an agreement.” He added, “Western Texas -Interned Ru prices below the $ 60 per barrel will continue to lower the number of drill installations, which would eventually lead to a decrease in US production numbers.” China’s movement to impose fees on ships that arrive at its ports by US businesses has led to cancellations at the last moment that include different types of ships, including oil tankers, causing an increase in ship prices. This tax comes into effect on October 14, and this reflects the fees that Washington imposed on Chinese ships as part of the Trump administration’s target of Beijing’s dominance over the global logistics and shipbuilding sectors. Excessive supply and calm in the midst of the East have added a new layer of ambiguity to the prospects for the oil market, which has dropped over the past two weeks as the OPEC+ Alliance increased the supplies, at a time when the fear exists that the expected oversupply will worsen later this year. Opec said in its monthly report that the alliance increased its production by 630,000 barrels per day in September. Meanwhile, the ceasefire agreement between Israel and Hamas facilitated the fear of renewed fighting in the midst, the source of about a third of the world’s oil supplies, as Hamas released the last living Israeli hostages from the Gaza Strip on Monday.
Oil is still rising amid the hope of calming tension between Washington and Beijing
