Oil continues to move upwards in price today. It started growing this week as opposing factors worked to balance each other. On the one hand, there is lowering demand from China and several other countries as the trade war and tariffs on various materials are taking a toll on businesses. On the other hand, there is also growing supply from OPEC, Russia, and the United States.
That was yesterday’s situation which led to a steady price; however, today the United States surprised the markets with lower reserve statistics. Moreover, Venezuela’s crisis is exacerbating, as reported by the IMF, which is further limiting supply.
The Brent crude rose to $74.01, while the WTI reached $68.79.
