Trump Is Driving Up Oil Prices

What's happening in the marketplace?

Oil prices rose on Thursday, July 24, amid U.S. progress in talks with key trading partners and a significant drawdown in U.S. crude inventories, Reuters reported.

Brent crude futures rose 67 cents to $69.18 a barrel. U.S. WTI crude jumped 74 cents to nearly $66 a barrel.

"The buying (of oil futures, - ed.) is driven by optimism that progress in duty negotiations with the U.S. will help avoid a worst-case scenario," said Nissan Securities Investment chief strategist Hiroyuki Kikukawa.

At the same time, he noted that "uncertainty over trade negotiations between the United States and China and peace talks between Ukraine and Russia limits further growth".

The expert predicts that the price of WTI oil is likely to remain in the range between 60 and 70 dollars.

The publication recalls that the United States managed to negotiate a trade agreement with Japan. In addition, according to journalists, the draft trade agreement between the U.S. and the EU proposed a basic duty on goods from the European Union of 15% with certain exceptions.

Additional support for the rise in prices for "black gold" reduction of oil reserves in the United States. According to the U.S. Energy Information Administration, oil stocks last week fell by 3.2 million barrels to 419 million barrels.

"Gasoline stocks also fell by 1.7 million barrels to 231.1 million barrels, almost twice as much as expected," journalists added.

In addition, according to the newspaper, foreign oil tankers were temporarily banned from loading in Russia's main Black Sea ports.

"This decision effectively stopped exports from Kazakhstan through a consortium that is partly owned by major U.S. energy companies," the journalists said.

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