“Oil prices were jumped after Donald Trump has imposed duties against Canada, Mexico and China, which caused fears of disruptions in the supply of raw oil by the two largest suppliers to the United States.”, – WRITE: epravda.com.ua
Oil prices were jumped after Donald Trump has imposed duties against Canada, Mexico and China, which caused fears of disruptions in the supply of raw oil by the two largest suppliers to the United States. Reuters writes about it. Futures for American oil brands West Texas Intermediate cost $ 73.89 per barrel, which is $ 1.36, or 1.9%, higher, after January 24 reached a maximum of $ 75.18 per barrel at the beginning sessions. Brent oil futures grew by 67 cents, or 0.9%, up to $ 76.34 per barrel after reaching a maximum of $ 77.34. Advertise , Canada and China, launching the Trade War, which can undermine global growth and inflate inflation again. According to the US Department of Energy, Canada and Mexico are the main sources of oil imports to the United States, which accounts for about a quarter of oil, which is processed by US oil refineries for fuel such as gasoline and furnace fuel. Futures for gasoline in the United States jumped by 2.86% to $ 2.1176 for a gallon after having reached $ 2.162 earlier, the highest level from January 16. Advertising: however, oil prices can fall even after the next quarter, since tariffs cause further Deterioration of the prospects of demand, as well as because OPEC+ undergoes more pressure from Trump, which requires reduction of production. Recall that Saudi Arabia’s Energy Minister and several OPEC+ colleagues have negotiated after the call of Donald Trump to reduce oil prices and on the eve of OPEC oil producing countries next week. US President Donald Trump, in his address to the world businessmen and political leaders, on January 24, demanded that OPEC reduce oil prices and reduce interest rates, and warned them that they would face tariffs if they produce their products from anywhere except the US.