The new duties of the United States and the steps of other countries in response to them suggest that global demand for oil is less than previously expected, market analysts say.
Oil prices in the world continue to decline on Friday after the maximum collapse from 2022 with the results of the previous session amidst US President Donald Trump’s decisions and OPEC+statements and statements. This is proven by trading data on April 4.
Thus, the cost of June futures to various Brents in the Ice Futures London Exchange fell to $ 68.50 per barrel, which was $ 1.64 (2.34%) less than the time of closing past trading.
WTI oil futures in May at the New York Model Exchange (NYMEX) electronic auction were reduced by the price of $ 1.64 (2.45%), up to $ 65.31 per barrel.
As you know, US President Donald Trump has announced the introduction of key functions for most countries of the world. This led to an increase in investors’ fear of the prospects of the global economy. The lowest level of duties is set by Trump for 10%, it will begin to work on April 5, and higher roles – April 9.
Market analysts believe that the US trading measures and other countries’ measures in response to them suggest that global oil demand is lower than expected.
Also, in eight of the eight OPEC+ participating countries, they decided to speed up the removal of previously accepted oil -making restrictions by 2.2 million barrels per day and increase production from May 411 thousand barrels per day, which equates to three monthly increases.
As a result, the price of Brent has fallen on Thursday has been maximum since August 2022, and WTI since July 2022.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.