Optimism due to the upcoming G-20 summit pushes the price of Brent crude oil up. The most anticipated event of the upcoming summit is the meeting of the leaders of the United States and China for negotiations on a trade dispute. Larry Cudlow, new economic advisor to the current President of the States, said that Donald Trump was about not to conflict, but agree.
January contracts for Brent currently cost nearly $ 61 per barrel, which is 1.3% more expensive than the previous session. January contracts for another benchmark crude oil – WTI are estimated at $ 52.22 per barrel, which is 0.14% less than the results of the previous session.
The day before, Mr. Trump had announced that he would increase duties on Chinese exports if the negotiations led nowhere.
Investors believe that the agreement (or at least the refusal of the United States to impose tariffs once more) will positively affect the global financial markets. If the agreement is not reached, this will complicate the situation of risky assets, especially oil.
Data on fuel stocks will be published today. Experts suggest that the Ministry of Energy will report on their reduction. This will be the first time in 10 weeks. According to the analysts, stocks have decreased by 1 million barrels over the past week.
The American Petroleum Institute does not agree with this forecast and has presented data that the stock of black gold has increased by almost 3.5 million barrels, while the stock of gasoline has fallen for the third time in a row – by 2.6 million barrels.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade