Oil rises as trade tensions escalate between America and China

Oiltoday after recording its lowest levels in five months in the previous session, with investors assessing the escalation of trade tension between the United States and China, and expectations of global surplus supply.

Futures rose for Brent crude(0.85%) reached ($62.92) per barrel, and US West Texas Intermediate crude rose (1.06%) to ($59.32).

Rising oil inventories

The International Energy Agency indicated that the oil market may face a surplus of up to (4) million barrels per day next year, with continued production increases and weak… Demand.

Investors are monitoring the weekly US inventory data to assess domestic demand, as expectations indicate a rise in crude oil inventories by about (200) thousand barrels last week.

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