Oil prices are rising with the support of Chinese openness for commercial negotiations

Oil prices have risen with the support of the possibility of calming the trade war between the two largest economies in the world, and the possibility of stumbling through core talks between the United States and Iran. Brent raised by 1.8% to $ 65.85 a barrel in June, while the intermediate contracts in Western Texas rose 1.9% to settle about $ 62.50, which is the third increase in the past four sessions. These increases come after China showed an openness to resumption of trade negotiations with the administration of US President Donald Trump. According to a person familiar with the position of the Chinese government, the conditions for negotiations include the adoption of a more consistent position in Washington, and the willingness to discuss Beijing’s concerns about US sanctions and the Taiwan case. Iran refuses to negotiate the capabilities of uranium enrichment in return, Iran announced that it will not negotiate with the United States on the ability to enrich uranium, reducing the chances of removing raw export restrictions. Washington also imposed new sanctions against a Chinese independent refinery, known as ‘tipot’ for its role in buying Iranian oil, and US Treasury Secretary Scott Payett said the United States would increase the pressure on Tehran. Oil prices have recovered after dropping to their lowest levels in about four years, to a wave of customs duties and anti -procedures between the United States and its major commercial partners. Washington began investigating the need to impose fees on biomedical imports on Tuesday, while there are still differences with the European Union, as White House officials confirmed that most of the fees imposed on the block would not be increased. It has been reduced in the export of Iraq and a decline in “coastal” shares in another development that supports prices. Iraq intends to reduce its oil exports this month in light of increasing demands to comply with its productive share within the “OPEC+” agreement, according to an informed official and pointed out that the country intends to reduce consignments by about 70 thousand barrels per day. US government data released on Wednesday showed that the stock levels in coastal, Oklahoma, which are the delivery point of the crude contracts “Western Texas”, by about 650 thousand barrels to the lowest level since 2008 for this time of year, and petrol supplies dropped.