Oil prices have risen thanks to the technical support that contributed to accelerating a wave of rise, increasing progress in international commercial talks, which limited the impact of a US step aimed at setting up ‘Chevron Corp’ to pump oil in Venezuela. Brent Ru, delivery in September, rose 1% to $ 69.18 a barrel, and the Western Texas -Tussentage rough roughly ascended by 1.2% to settle $ 66 a barrel after four sessions. The United States and the European Union are making progress on a 15% tariff for most imports, similar to the agreement concluded by US President Donald Trump with Japan. This is a lower rate than investors were afraid, because the US president previously threatened to impose 30% fees on most commodities in the event that an agreement was not reached by the first August. US crude oil also exceeded its moving average fifty days, resulting in a wave of technical purchase before the market was closed. This technical push removed the previous decline caused by the move of the Trump administration to enable Chevron to resume the pump of oil in Venezuela, which increased the possibility of an extra supply flow to a market that originally faced threats. The reasons for the decrease in the decision stopped the import of the United States of the Venezuelan crude oil, after being 300 thousand barrels a day in January, according to Matt Smith, the main oil analyst in the Americas at the market information business “Kepler”. However, he added that the petroleum products coming from this Latin country are already accounting for 15% of the seafarers transported by sea to the US Golf Coast this year. “China has benefited from the cancellation of Chevron’s license, as the shipments are again directed,” Smith said. He added: “Maybe the realization of this case, along with the supply problems on the US Golf Coast, was a motive behind the decline in the decision.” Oil prices during this month have remained in a state of relative stability, as the scarcity of the global diesel market corresponds to the expectations that a surplus possibility, which coincides with the decision of the “OPEC+” coalition to increase the supplies to the market. Although diesel shares in the United States are starting to rise, they are still at their lowest seasonal levels since 1996. This relative calm comes after a period of sharp fluctuations in the trade, which said the giant Norwegian company “Eakinor” on Wednesday that it has damaged its company in energy trade. As for the French company “Total Enemz”, it gave a pessimistic prospect on Thursday, pointing out that the oil market may have an abundance in supplies amid OPEC+ decision to repel from some voluntary production ramp. “
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