Baku, Azerbaijan, June 27
By Sara Israfilbayova - Trend:
The OPEC+ oil production cut-off agreement will most likely be extended after the ministerial meeting in early July, Senior Market Analyst at Oanda Corporation Craig Erlam told Trend.
The expert noted that the parties to the agreement should do everything possible to maintain stability in the market.
Further, the senior analyst noted that economic concerns related to the trade negotiations between the US and China will restrain oil prices. "Market stability is likely to be due to the resolution of the trade conflict between the US and China. Other factors will also affect the market, but this, in my opinion, is the most important factor," he added.
In May, US President Donald Trump ordered an increase in duties on goods from China by another $300 billion a year.
The level of tariffs was increased from 10 to 25 percent to Chinese imports in the amount of about $200 billion.
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