Oil continues to rise in price

Oil prices continued to rise on Tuesday morning. On the London ICE Futures exchange, the price of August Brent futures reached $67.38 per barrel. 

WTI futures on the New York Mercantile Exchange also rose to $65.44 per barrel after rising 1.1% the day before. Brent ended trading at its highest level since the end of April, and WTI – since the beginning of the month before last.

The main support for the market is provided by the ongoing trade negotiations between the United States and China in London. Market participants hope for a successful deal, which can improve global economic growth and fuel demand.

Negotiations will continue today. U.S. Commerce Secretary Howard Lutnick described them as «fruitful.» Analysts suggest that the market has already taken into account some successes in the negotiations, and prices are likely to remain stable until the results are announced.

The depreciation of the dollar also supported oil prices: the DXY index fell 0.3%, which made commodities more attractive to holders of other currencies.