Oil prices continue to steadily climb up and there don’t appear to be many factors that can put a stop to that process.
Today oil prices received a boost on the news that the United States and China are making progress in their trade negotiations. With a smaller risk of a global trade war stocks and crude oil were able to mark gains. The Brent type of crude peaked at $78.86, while the WTI touched $71.57.
For traders interested in trading oil, it is worth paying attention to the economic forum to be held this week in St. Petersburg, Russia. Many important OPEC officials will be there and it is very likely they would discuss their future policy, especially considering the high volatility of oil over the past few weeks and its rapid growth. We might even be looking at a possible exit from the agreement to cut production levels.
