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London – Oil prices rose on Friday and were ready to end three weeks fall, increasing fuel demand and expectations that American plans for global mutual tariffs would not come into effect before April, a trade war Provides more time to avoid.
Brent futures were 37 cents, or 0.49%, $ 75.39 per barrel 1418 GMT. The US West Texas Intermediate crude increased by 24 cents, or 0.34%, $ 71.53. Both contracts were on track for a weekly advantage of about 1%.
US President Donald Trump on Thursday ordered Commerce and Economics officials to study mutual tariffs against countries who keep tariffs on American goods and return their recommendations by 1 April.
IG Market Strategist Yap June Rong said, “Positive development on the trade front in the light of the US tariff paves the way for some recovery in oil prices this morning, as the atmosphere of risk has reached the possibilities of further trade consent. ”
“However, benefits in oil prices may be limited as market participants have to digest the possibilities of Russian supply that bring back to the market amidst potential Ukraine-Russia peace talks.”
In the event of a possible peace deal between Russia and Ukraine, lifting the restrictions on Moscow is likely to promote global energy supply.
Trump ordered the US authorities to start a conversation in Ukraine this week when Russian President Vladimir Putin and Ukrainian President Volodimier Zelanski expressed their desire for peace in separate phone calls with him.
The International Energy Agency said in its latest oil market report, if the workarounds are found for the package of the latest US restrictions, Russian oil exports can be maintained.
JP Morgan analysts said on Friday that in the meantime, the demand for global oil has increased to 103.4 million barrels per day, which is up to 1.4 million BPD years.
The bank said, “Initially in the second week of February, the demand for mobility and heating fuel suggestions to narrow the gap between real and estimated demand soon,” the bank said.
“Use of heating fuel is expected to grow again. In addition, gas prices in Europe increase, causing gas to change oil, increase demand.”
This article was generated from an automated news agency feed without amending the text.
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