Investing.com – oil prices rose on Tuesday, indicating that the Organization of the Petroleum Exporting Countries and its allies to extend the production cuts beyond June, but progress has been hampered by the ongoing concern about the escalation of the trade war between China and the United States.
Futures contracts on the indices of global reference crude Brent rose by 0.42 per cent, or 30 cents to 72.26 per barrel, at 14h35.
Futures of crude oil of US were up 0.49 per cent or 31 cents to settle at 63,52 per barrel.
The price of oil remained supported after the saudi minister of energy has urged the coalition of OPEC+ to “stay the course” on the limits of production after a meeting in Jeddah this weekend.
An OPEC meeting is scheduled for 25 and 26 June, but the group now plans to move the event to July 3 and 4, according to information received Monday.
The prices were also supported by rising geopolitical tensions in the Middle East which have fuelled fears of a rupture of the tensions between the United States and Iran, in addition to signs that OPEC will continue reducing the production, has pushed up the oil, ” said Jasper Lawler, head of research at broker futures London Capital Group.
The american president Donald Trump has threatened Monday that Iran is a “great force” if they attacked us interests in the Middle East. This took place after a rocket attack in Baghdad, the iraqi capital, that Washington is suspected to have been held by a militia with links to Iran.
Iran said on Tuesday that he would resist the pressure of the United States and that it would slow down the negotiations in the current circumstances.
The gains in Oil have been hampered by the fear that the trade war is growing between the United States and China could hinder the global growth and slow energy demand.
Earlier on Tuesday, the Organization for economic cooperation and development had reduced its estimate of global growth by 2019 from 3.3% to 3.2% and warned that tensions between Beijing and Washington were the main threat to growth prospects.
23: 30, the American Petroleum Institute will publish its weekly report on oil stocks in the United States. Analysts estimate that the weekly data from the government indicate a decline of 2.53 million barrels of crude last week.