According to reports, Global oil price on Friday (yesterday) hit $57 per barrel.
Global oil price per barrel reached at $57 after the developments came in the US China trade talks. However, China revealed that they will talk with the USA to solve the US China trade war.
Last month, Organization of the Petroleum Exporting Countries or OPEC reduced the crude supply. However, the API or American Petroleum Institute also reported the decline in the US crude inventories.
US crude oil price increased by 81 cents at $47.90. However, the global benchmark, Brent crude price is increased by 84 cents and reached at $56.79 per barrel.
According to industry analysts, nerves over the strength of the worldwide economy look set to continue however are being lost on the market of oil, in any event for now.
All things considered, regardless of whether this episode of the strength of price can be continued is a long way from certain.
Increment in oil prices further help from the most recent supply report from the API industry group, which revealed on Thursday that US crude oil stocks declined by 4.5 million barrels.