On Tuesday, the oil market has remained on the rise posting higher prices, though the upturn is restrained by the fears of further aggravation of the Washington-Beijing trade conflict.
According to the market data, the Brent oil futures increased to some $72.31/bbl; WTI futures were at $63.58/bbl (0.6% up).
The positive dynamics of the prices is said to be related to the reports about the renewal of the production cut agreement by the cartel for the second half of the year.
Last weekend, Saudi Arabia's Energy Minister, Khalid al Falikh claimed that Saudi Arabia would keep going beyond its obligations. Moreover, he believes that other members may follow this trend.
However, the oil market was impacted by the long-lasting trade conflict between the major economies. Specifically, the war can entail a global economic downturn. The situation has got worse once Google decided to cancel cooperation with China's Huawei Technologies.
Overnight Washington decided to delay the restrictions that were planned for Huawei. This means that the company's products will be available in the American market for another 90 days.