Oil soared thanks to the United States and China

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Photo: Evgeny Odinokov / RIA Novosti

A barrel of Brent crude oil rose by 2.7 percent to 58,85 of the dollar on the news about trade negotiations between the US and China, according to the auction at the London exchange ICE.

At the time of publication futures contract for a barrel of Brent for delivery in February cost 58,43 dollar.

Barrel American WTI also rose by 2.6 percent. During the trading session, its price was 49,46 dollar at the time of publication — 49,19 USD.

Earlier, on 7 January the U.S. and China began in Beijing the negotiations on a comprehensive trade agreement that should put an end to a trade war, reports “bi-Bi-si”. It is expected that negotiations will last two days. They are held in the framework of agreements between US President Donald trump and the head of the PRC XI Jinping made by them at the December G20 summit in Buenos Aires. Then trump has postponed the introduction of new duties on Chinese goods until March, to give the parties the opportunity to conclude an agreement.

In December 2018 oil became cheaper from-for fears of market participants about too high fuel stocks in the United States. However, at the end of the year it rose again, when the parties to the agreement OPEC+ started to reduce production.

Video, photo All from Russia.

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