Wednesday’s trading session started quite successfully for oil prices, which were uncertain, but still added relative to the starting point of the day. Everything indicates that this dynamic is based on the results of the Tuesday trading session, which was noted by the rapid strengthening of quotations.

We remind that on Tuesday the quotations of futures for oil of the Brent benchmark on the ICE Futures Exchange added about 2%, reaching $62.14 per barrel. Futures prices for a barrel of American WTI oil on the NYMEX stock exchange sharply increased by as much as 3.8% to $53.90.

Most likely, during the trading session of the environment we will not see such growth, since the market does not demonstrate the necessary trends. Continued growth of quotations can be explained by some euphoria that engulfed the bulls and oil traders.

In the course of trading on the London Stock Exchange ICE Futures, at the time of this writing, the quotes of North Sea Brent crude futures for delivery in August added 0.39% or 0.24 points, reaching $62.39 a barrel.

Brent Crude

On the New York Mercantile Exchange (NYMEX), the price of the July contract for American WTI crude oil in the plus by 0.22% or 0.13% of a point, reaching $54.24 a barrel.

WTI Crude Oil

The impetus for such a sharp increase in oil prices was the news of the upcoming meeting of US President Donald Trump with PRC Chairman Xi Jinping at the G20 summit, which will be held in Japan in late June. Experts took this news as a clear sign that the parties intend to end the trade war and solve the problems that have accumulated. It is also quite possible that in the near future the market will receive clear signals regarding the further steps of OPEC and Russia regarding the policy of stimulating oil prices, which has faced strong opposition from Donald Trump. With all this, we must not forget that there are no objective reasons for the rise in prices, since the world economy is in decline, which means that the consumption of raw materials is steadily decreasing.

Some support to the global oil market may be provided by official statistics from the USA on stocks of raw materials in storage. According to unofficial data, oil reserves last week fell by about 1 million barrels.

In the list of the best binary options brokers you can find the most reliable and reputable companies, cooperation with which will allow you to significantly increase the profitability of investments thanks to high-quality analytical materials, expert recommendations and flexible trading strategies!