Oil prices rise after the reduction of duties between China and the United States

On Tuesday afternoon, global oil prices resumed their growth after yesterday's decline. The price of Brent crude oil rose to $65.90 per barrel, WTI – to $63. 

At the beginning of the week, China and the United States agreed to reduce mutual trade duties for 90 days – from May 14, the tariff on American goods in China will be 10%, and the United States will maintain duties on Chinese products at 30% with an additional «fentanyl» rate of 20%.

Investors' attention is also focused on events in the Middle East. Washington recently imposed new sanctions against Iran amid indirect negotiations on a nuclear deal. At the same time, US President Donald Trump arrived in Saudi Arabia as part of his visit to the Persian Gulf countries.

The market is waiting for new signals that could set the vector for further trading. So, on Tuesday, statistics on inflation in the United States will be published, which can affect the dollar exchange rate and the cost of oil. On Wednesday, OPEC will present its next monthly market report, and the US Department of Energy will provide fresh data on oil reserves. The IEA report is expected on Thursday.