The media pointed to rising oil prices amid the US-China trade talks

Oil prices have risen amid expectations of US-Chinese trade negotiations and lower crude production in the United States. This was reported on May 7 by the Reuters news agency.

The dialogue could improve sentiment in the oil market, but investors also need to see significant progress in reducing duties to improve demand prospects, ING commodity strategists said.

"Brent crude futures rose by 1.2% to $62.88 per barrel by 06:50 GMT (8:50 Moscow time), while the American West Texas Intermediate rose by 1.4% to $59.90 per barrel," the material says.

Against this background, a number of American energy companies, including Diamondback Energy and Coterra Energy, announced a reduction in the number of drilling rigs, which, according to analysts, should eventually support prices by reducing production.

According to the American Petroleum Institute, crude oil reserves decreased by 4.5 million barrels per week.

A clear barrier: why the US wanted to conclude a trade deal with China

If the parties do not agree, it will affect the entire global trade.

On April 27, US President Donald Trump said that the United States could conclude trade agreements with all countries, including China and the European Union (EU), but only on fair terms for Washington.