“Oil prices rebounded sharply after falling to a four-year low yesterdayOil prices rose in Asian trading, recovering from a fall to their lowest level since 2021. The reason for the fall was concerns
about the consequences of the trade war between the US and China.”, — write: unn.ua
UNN reports with reference to Investing and Ámbito.
DetailsOil prices rose sharply in Asian trading on Tuesday, recovering from a four-year low. Over the past day, the price of Brent crude fell by almost 4% and for the first time since 2021 crossed the $60 mark. However, there was a recovery today. At the same time, oil prices remain on the verge of a recent four-year low. Among the reasons are the consequences of the trade war between the US and China.
ContextThe trade war has increased the impact on oil prices as markets fear that both the US and China will face increased economic turmoil. This could hurt their appetite for oil, as indicated by a number of weak economic indicators from both countries, investing writes.
China’s services sector grew at a slower pace than expected in April.
Gross domestic product data showed an unexpected contraction in the US economy.
Russia expects lower exports and oil prices this year – Bloomberg21.04.25, 14:03 • 3404 views
In the past day, trading opened with a fall of 4.6%. But the decline ended at 3.8%. It is indicated that this was an immediate reaction to the recent decision of OPEC+ to increase crude oil production.
The agreement reached last weekend by major oil exporting countries and their allies calls for an increase in supplies of 411,000 barrels per day starting in June, according to a previously agreed schedule for May.
Let us remind youUNN reported that oil prices fell by more than $2 a barrel due to OPEC+ plans to accelerate production.
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