The rise in oil prices restrains trade dispute the United States and China

The cost of oil is growing amid a sharp reduction of stocks in the U.S., but growth is limited by the tension due to the trade dispute between Washington and Beijing.

World oil prices rise on Wednesday, August 28,amid a decline in US stocks, reports Reuters.

So, futures for oil of mark Brent has risen in price on 1%, to 60,10 USD per barrel. Futures for WTI rose by 1.3% to 55.63 per barrel.

According to the American petroleum Institute (API), for a week oil stocks fell by 11.1 million barrels to 452,7 million, while analysts assumed that they will be reduced by 2.1 million barrels.

The weekly report from the U.S. government must be published on 28 August, and if official data confirm the API data, it will be the biggest weekly decline in nine weeks.

However, as noted by Reuters, concerns about global growth against the background of a trade war between the US and China, which are the two largest consumers of oil, will likely limit price increases.

Note, two weeks ago, oil cost less than $ 58 per barrel.

 

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