Oil prices rose due to a decline in U.S. inventories
Oil prices rose due to a decline in U.S. inventories. According to the American petroleum Institute, a decline of 7.5 million barrels. This information has provoked speculation in the futures market and forced prices to move up. Brent crude sold for $65,94 per barrel, while WTI futures are down to $58,91.
Major market participants expect the meeting of Russian President Vladimir Putin met with Saudi Arabian Prince Mohammed bin Salman. The meeting will take place at the G20 summit. It will depend on how the Russian side is ready to reduce oil production to the end of the current year to support the global market.
Also met Donald trump and President XI Jinping will allow OPEC countries to assess how real is the threat of lower demand for energy. At the meeting in Vienna, which will be held in early July, will be exactly known, it is necessary to reduce the production volume to set the global market on the rise.
Will take into account the situation in the middle East. Neither Iran nor the United States do not want the conflict escalated into military confrontations because of a downed US drone. In the short term, oil prices will continue to rise on the back of positive expectations from the G20 summit and the meetings of the OPEC countries. Brent may rise to $66,92 per barrel, and oil shale to $60.00.
“International financial center”