4% increase in oil in the hope of a resumption of US-Chinese trade negotiations

Oil prices rose to about 2 dollars a barrel yesterday after US President Donald Trump announced that he would hold an intensive meeting with his Chinese counterpart, Xi Jinping, at the G20 summit this month. this.
The market was also boosted by tensions in the Middle East after the attack of two air carriers last week and the US's determination to send more troops to the region.
Standard wheat futures in the western United States in Texas rose $ 2.26, or 4.4%, to $ 54.19 a barrel. Brent was up $ 1.80 or 3% to $ 62.74 a barrel.
The New York Fed announced on Monday that its New York business growth gauge hit a record low this month, dropping to its lowest level in two and a half years, a sign of a sharp contraction in the economy. Domestic activity.
Oil prices fell about 20% from their peak in April 2019, partly because of concerns over the US-China trade war and disappointing economic data.
Increased pressure on oil The announcement made by the US Energy Information Administration on Monday that oil production is expected to reach a record high in July. Some analysts, however, believe that tensions in the Middle East will likely continue to support prices.
In a similar context, Russian news agencies, quoting the Russian Minister of Energy, Alexander Novak, said: "Moscow is open to new dates for the meeting of OPEC Plus, including the July 12. He also quoted him as saying that he had not yet discussed with his Saudi counterpart the change of date of the meeting.
The OPEC Plus meeting was originally scheduled for June 26, but Novak had previously postponed its postponement until early July. Iran's Minister of Petroleum, Bijen Zangane, has proposed that the meeting be held between 10 and 12 July.
Novak said in a tweet on Twitter that the oil market is very foggy and that it is too early to make a decision on the production cut deal.