“Oil prices show instability due to threat of supply disruption from RussiaOil prices barely changed as fears of tariffs’ impact on demand balanced the threat of supply disruption from Russia. Brent and
WTI futures rose slightly, but are expected to increase by 4.9% and 6.4% respectively by the end of the week.
”, — write: unn.ua
DetailsBrent crude futures rose 4 cents, or 0.06%, to $71.74 a barrel. US West Texas Intermediate (WTI) crude rose 1 cent, or 0.01%, to $69.27.
Despite this, Brent prices are set to rise by 4.9% for the week, and WTI by 6.4%, after US President Donald Trump earlier in the week threatened to impose tariffs on buyers of Russian oil, including China and India, to force Russia to stop the war against Ukraine.
However, on Friday, investors focused more on the new, mostly increased, tariffs that the US will introduce from August 1.
Trump signed an executive order on Thursday to impose tariffs ranging from 10% to 41% on imports from dozens of countries and overseas territories, including Canada, India, and Taiwan, which failed to conclude trade agreements by his August 1 deadline.
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Some analysts warn that these fees will limit economic growth by raising prices, which could affect oil consumption.
On Thursday, there were signs that existing tariffs were already raising prices in the US, the world’s largest economy and largest oil consumer.
US inflation rose in June due to higher prices for imported goods such as furniture and recreational products. This supports the view that price pressures will increase in the second half of the year, delaying the Federal Reserve from cutting interest rates until at least October.
Keeping interest rates will also affect oil, as high borrowing costs can limit economic growth.
At the same time, Trump’s threats to impose 100% additional tariffs on buyers of Russian oil supported prices due to fears that this would disrupt oil flows and reduce the amount of oil on the market.
JP Morgan analysts said in a note on Thursday that Trump’s warning about possible sanctions against China and India for their continued purchases of Russian oil jeopardizes 2.75 million barrels of oil exported by Russia by sea. These two countries are the second and third largest oil consumers in the world.
The Trump administration, like its predecessors, will likely understand that sanctioning the world’s second largest oil exporter would be impossible without a sharp increase in oil prices
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