“Oil prices have fallen due to an increase in reserves in the United States and anxiety of the market with a new trade war between Washington and Beijing.”, – WRITE: epravda.com.ua
Oil prices have fallen due to an increase in reserves in the United States and anxiety of the market with a new trade war between Washington and Beijing. About it reports Reuters. Brent oil futures dropped 21 cents, or 0.28%, up to $ 75.99 per barrel. American WTI oil fell 11 cents, or 0.15%, up to $ 72.59 per barrel. On Tuesday, oil prices ranged sharply: WTI lost to 3%, reaching the lowest level since December 31, after China announced the introduction of US oil duties, liquefied natural gas and coal in response to US duties on Chinese export. However, the prices later resumed after Trump resumed the “maximum pressure” policy on Iran, which he introduced in his first presidential term, reducing the export of Iranian oil to zero. A negative factor for the market on Wednesday was the growth of oil reserves in the United States, which exceeded expectations, said IG IG Analyst Jun Rong EAP. The growth of oil and fuel reserves in the world’s largest consumers signals low demand, which adds fears on the impact of tariffs on global economic and energy prospects. Advertising: At the same time, Goldman Sachs analysts have noted on Tuesday that the impact of Chinese duties on US energy They do not change the overall level of world supply and demand for these goods. Both countries will be able to find alternative markets, according to analysts. Regarding Iran, Trump signed a Memorandum on the restoration of US hard policy on Tehran aimed at reducing Iranian oil exports to zero to prevent Iran’s nuclear weapons. Recall: US President Donald Trump has signed three decrees on the introduction of additional duties on goods from Canada, Mexico and China. This was the first official decision within the trade war. Canada and Mexico leaders promised to answer similar measures. China plans to challenge new Trump duties in the World Trade Organization (WTO), as well as respond to uncertain countermeasures. On Tuesday, China entered duties on some American goods in response to new customs duties, which exacerbated the trade war between the two largest economies in the world. On Tuesday, China announced a wide range of measures against US companies, including Google, agricultural machinery manufacturers and Calvin Klein brand owner.