The oil increased as the geopolitical tensions diminished

Oil rose on Monday as both the trade tensions between Beijing and Washington declined and the pressure on currencies in emerging countries.

The Brent course of the North Sea for delivery in October rose by 38 cents on the London market and ended at $ 72.21.

In New York, the "light sweet crude" (WTI) barrel won 52 cents in September to $ 66.43.

"We felt appeasement in emerging markets such as the commercial front" between Beijing and Washington and that is driving demand, said Gene McGillian of Tradition Energy.

The resumption of trade negotiations between China and the United States led to a decline in demand. The same effect was the relative calm of the foreign exchange market of Turkey and other emerging markets.

"Emerging countries are the main drivers of the growth in demand" from rough analysts at Commerzbank said. "The weakness of their currency may harm their purchases," she added.

Source link

Leave a Reply