Oil prices are finishing the week on the rise making use from weaker dollar and stock markets upturn. As a result, this will be the second positive week in a row.
On Friday, the April futures for Brent oil at ICE Futures soared to some $67.50/bbl; April futures for WTI oil at NYMEX reached some $57.60/bbl. Over the week, the oil prices have gained 1.9% and 3.4% respectively.
The stock market is positive about the progress achieved in the US-China talks. Specifically, it has been reported lately that China's representative made a motion to increase imports of agricultural products from the USA to reduce the surplus observed in the external trade with the USA.
Today, the US President Donald Trump and China's vice prime minister Liu He will hold a meeting in Washington.
As one of the market analysts commented, the oil price is restrained by a better situation in the stock markets as well as slacker greenback.
An additional factor that limits the upward potential of oil quotes is said to be a report about higher oil reserves in the USA.
Specifically, the US Energy Department reported that the reserves of merchant oil soared by some 3.67 million bbl over the week. According to the available data, Cushing oil reserves increased by 3.41 million bbl.
At the same time, petroleum reserves in the USA decreased by 1.45 million bbl over the same period and those of distillates – by 1.52 million bbl.