“Oil prices fell sharply after new Trump duties on April 4, 06:32: The combination of an increase in oil production and a deterioration in the economic forecast exerts strong pressure on the market (photo: Reuters/Turar Kazangapov) on Thursday, April 3, global prices for oil. About it reports Reuters. The fall of prices occurred against the background of an unexpected decision of OPEC+ about increasing oil production.”, – WRITE ON: ua.news
The combination of an increase in oil production and a deterioration of economic prognosis exerts strong pressure on the market (photo: Reuters/Turarar Kazangapov)
On Thursday, April 3, world oil prices have fallen sharply, fixing the largest percentage decline since 2022.
About it reports Reuters.
The fall in prices occurred against the backdrop of the unexpected OPEC+ solution to increase oil production. It happened the next day after US President Donald Trump is announced new large -scale import duties.
Key Indicators:
Brent: $ 70.14/barrel (-6.42%)
WTI: $ 66.95/barrel (-6.64%)
Experts say that the combination of increasing oil production and the deterioration of economic forecasting exerts strong pressure on the market. According to Angie Hildea (KPMG), this can lead to a new wave of instability in the oil industry.
In addition, investors’ fears are exacerbated by Trump’s trade duties that can provoke trade wars, slow down economic growth and reduce fuel demand.
Earlier it was reported that US President Donald Trump has announced the introduction of US duty on products from most countries of the world.
The US President has introduced at least 10% of duties on almost all goods imported to the United States, as well as higher tariffs for dozens of countries with the largest trade deficits in relations with the United States.
The United States will levy from the European Union tariffs in the amount of 20%, from Vietnam – 46%, Taiwan – 32%, from Japan – 24%, from South Korea – 25%, from Thailand – 36%, from Switzerland – 31%, from Indonesia – 32%, from malazia – 24%. South Africa – 30%.
There are no new tariffs for countries such as Russia and Belarus. The United States said they did not impose duties on imports of goods from Russia and Belarus, since products from these countries did not ship to the US market.
The new tariff for Ukraine will be 10% – the minimum base rate.
The same taxation is applied to goods from Australia, the United Kingdom, Brazil and other countries. Duties will come into force on April 9, 2024.
From April 5, all importing countries will pay the minimum basic tariff.
The 10 percent rate will be added to existing tariffs for goods from individual countries. For China, the total tariff will be 44% (34% + 10%). For the EU – 30% (20% + 10%).
In addition, the US entered 25% of duties on imports of cars and spare parts. 25% duty on a car started operating with 00:01 April 3 (Eastern time).
25% of the duty on auto parts came into force from 00:01 May 3.