The price of Brent crude oil rose by 25 cents to $59.99 a barrel. The price of another benchmark, which is the West Texas Intermediate, also increased on August 20. Its price rose by 19 cents to $56.40 a barrel. It is a well-known fact that oil prices depend on several factors. However, this time, there are two primary reasons which contributed to the rise in oil prices.
The first one is the hope that the U.S. and China will be able to solve their disagreement. Let’s not forget that the U.S. and Chinese markets are significant for the global oil industry. At the moment, the U.S. is the biggest oil producer, whereas China is one of the largest consumers. It means that trade war between the biggest economies in the world is a severe problem for the oil industry.
Even though, not directly related to the oil prices but connected to the trade war is the U.S. government’s decision. According to this decision, U.S. companies received permission to sell the parts and components to Huawei. Thanks to another 90-day reprieve Chinese tech giant will continue buying components.
The first one is the hope that the U.S. and China will be able to solve their disagreement. Let’s not forget that the U.S. and Chinese markets are significant for the global oil industry. At the moment, the U.S. is the biggest oil producer, whereas China is one of the largest consumers. It means that trade war between the biggest economies in the world is a severe problem for the oil industry.
Even though, not directly related to the oil prices but connected to the trade war is the U.S. government’s decision. According to this decision, U.S. companies received permission to sell the parts and components to Huawei. Thanks to another 90-day reprieve Chinese tech giant will continue buying components.
𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐁𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 - 𝐒𝐭𝐨𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭, 𝐅𝐨𝐫𝐞𝐱 𝐍𝐞𝐰𝐬 & 𝐅𝐨𝐫𝐞𝐱 𝐁𝐫𝐨𝐤𝐞𝐫𝐬
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