World prices rise as trade disputes between China and America could be resolved

SINGAPORE (Reuters) – Oil losses fell earlier on Friday, increasing as the hope that the US and China solve their trade disputes will fade, easing fears of a likely economic slowdown. to put pressure on the demand for fuel.
The nearest crude futures contract in the world was 73.04 dollars per barrel on Friday, up 15 cents (0.2%) from the previous settlement.
Standard futures on crude oil in the western US Texas rose 7 cents, or 0.1%, to $ 63.76 a barrel.
Traders said oil climbed alongside Asian equity markets following a telephone conversation between Chinese and US presidents that raised hopes for a potential trade dispute between the two largest economies of the world.
Prices rose yesterday after falling earlier in the session, but Brent is still down 12% since early October, while WTI is down 13%.
Data from the Ministry of Energy showed Friday that Russia's oil output had reached its highest level in 30 years, with 11.41 million barrels a day in October, due to the fact that the country's oil production had reached its highest level in 30 years. increased supply of large oil companies such as Rosneft and LUKOIL.
This level corresponds to 11.36 million bpd in September, which was then the highest level of the post – Soviet era. It also confirms the data cited by a petroleum sector source on Wednesday.
The volume of oil production reached 48.262 million tons, against 46.478 million in September, and Reuters uses 7.33% of the conversion from the ton to the barrel.
According to a Reuters poll, the Organization of the Petroleum Exporting Countries (OPEC) reported oil production in October at its highest level since 2016, driven by the increase in production. in the United Arab Emirates and Libya, and overshadowed the reduction of the Iranian offer resulting from the upcoming US sanctions.
Saudi Arabia, the leading producer of the Organization of the Petroleum Exporting Countries (OPEC), hinted that it was worried about possible bottlenecks in the oil spill. offer, underlining the prospect that the next amendment would reduce supplies in general.
Rising oil prices have helped boost production as markets prepare for a supply shortfall as soon as US sanctions against Iran begin this month.
As part of a global oil agreement with OPEC and other oil producers in December 2016, Moscow is committed to reducing its production by 300,000 barrels a day, compared with 11.247 billion b / d pumped in October of the same year.
Russia now pumps about 460,000 barrels a day (10 barrels per day) above the 10.947 million barrels a day that it had originally approved under the production cut agreement. In June, agreement participants agreed to return to 100% compliance levels.