The price of “black gold” fell because of the trade war, which began between the world’s largest economy.
Oil prices in the world clearly accelerate the collapse after the announcement of Chinese new roles in relation to the United States. This is proven by trading data on Friday, April 4.
Thus, the cost of June Futures to various Brents in the Ice Futures London Exchange fell to $ 64.39 per barrel, which was $ 5.75 (8.20%) less than the time of closing past trading. This is the lowest price since August 2021.
Accordingly, futures for WTI oil in May at the New York Model Exchange (NYMEX) electronic auction have reduced the price of $ 5.92 (8.84%), up to $ 61.03 per barrel. This is the lowest price since December 2021.
Earlier on Friday, China said the United States would respond to tariffs of 34% of imports of all American belongings.
Western agencies have written that the exacerbation of the trade war negatively affects the expectations of the world’s demand for energy and forces “black gold” to conditions of increasing concern about a possible backdrop in the world.
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.
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.