A slight rise in oil prices after the longest losses since May

Oil prices rose slightly after a five -day decline series, which has been the longest since May, with investors after US efforts to punish Russian rough buyers, and the diplomatic step led by US President Donald Trump to end Ukraine War. Brent rose rose above $ 67 a barrel, reducing a small part of a loss of 8.7% during the previous five sessions, while the Western Texas roughly established about $ 65 on Wednesday. Trump has doubled the customs duties on Indian goods up to 50% due to the Asian state purchases of Russian energy, with the implementation of the decision within three weeks. However, the United States did not take a similar step against China, another important importer of Moscow oil. Stay tuned to meet Trump and Putin at diplomatic level, Trump said that there is a ‘very good opportunity’ to meet with Russian President Vladimir Putin and his Ukrainian counterpart, Voludimir Zellinski, in a new attempt to mediate for peace. He added that there are ‘many emerging sanctions’ associated with Oil purchases from Russia, which is considered a member of the ‘OPEC+’ coalition. The price of rough has witnessed sharp moves after the decline so far in August three months after the monthly profits. Traders are preparing for the possibility of a surplus later this year, after the “OPEC+” coalition agreed to return millions of barrels from supplies to the market. Trump’s policy is pressure on prices. In addition, there are concerns about a slowdown in economic growth and poor energy consumption, as Trump has been imposed on the market. “The current increase in production and shares will continue to place a Brent ceiling in the early 1970s, and once a solution to the Russian war against Ukraine is reached, we expect to see a sharp fall,” says Robert Rene, head of commodity and carbon research at Westpak Bank. He added: “However, it remains to see if the possible meeting between Trump and Putin will be held next week.” He said: “If the meeting is not held or held without reaching an agreement, which means activating secondary fees, we can see a sudden rise in prices.” US stocks have fallen, US data showed on Wednesday that crude shares in the entire country fell by 3 million barrels last week, with refineries working at their highest levels since the 2019 season. However, roughage voices at the coastal Center have still recovered in critically low levels, rising the fifth week in a row. This is the longest chain of increases since 2023. In Asia, Saudi Arabia increased the price of crude oil for the second consecutive month, citing the confidence in demand, while the OPEC+Alliance continues to increase the supplies. This past weekend, the coalition decided to return about 547 thousand barrels a day to the market in September.