Signals of progress in the nuclear energy talks between Iran and the West are pushing downwards, as it may open up for increased global supply of oil. But the agreement between China and the USA to avoid a trade war is pushing upwards, as reduced tariffs and trade barriers are expected to contribute to increased global demand, reports Bloomberg.
Statistics from the USA, which for some time have shown a decrease in oil production in the country, have also contributed to driving up the world market prices.
At lunchtime, the price of a futures contract for delivery of so-called Brent oil next month has risen to almost 68 dollars per barrel after being down around 66.50 dollars per barrel during night trading.
The oil price has since the turn of the year fallen by just over 9 percent. But it has been striving upwards for just over a month after this year's low point in April at 57.78 dollars per barrel.
