Oil prices close moderately higher, driven by improved mood between the world's two largest economies.
After days of instability and nervousness in the financial market, oil closed the session this Wednesday (24) with a moderate increase. The movement came in the wake of the easing of trade tensions between China and the United States, rekindling hope for a more stable global economic environment, as highlighted by the Eixos portal.
The impact of trade relief on the price of oil
The improvement in dialogue between Beijing and Washington has brought some relief to investors. The resumption of talks and the signaling of commercial commitments eased fears of a global economic slowdown. This strengthened future demand for commodities, driving up the value of oil on the international market, according to information released by the Eixos website.
Brent and WTI oil: see the closing numbers
Brent crude, the global benchmark, closed the day up 0,52%, quoted at US$88,42 per barrel. WTI crude, the benchmark in the United States, rose 0,56%, closing at US$83,02 per barrel. This data was calculated according to the survey published by the Eixos portal, which monitored the movement of the international market.
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Market monitors negotiations and economic data
Despite the increase, the scenario still requires caution. Investors are keeping an eye on the next rounds of negotiations between China and the US, as well as the economic data that will be released in the coming days. Indicators such as the US GDP and consumption data in China should provide important clues about the future demand for oil, as also reinforced by the analysis by Eixos.
Expectations for the coming days in the oil market
Analysts believe that oil prices will remain slightly volatile until there are more solid signs of a definitive trade agreement. expectation is that prices remain sustained, but any setback in negotiations could reignite downward pressure in the short term, as warned in the projections compiled by the Eixos portal.