US duties against China and the data that commercial oil reserves in the United States last week rose 2.5 million barrels were pressure on quotes.
Oil prices in the world have been reduced on Thursday morning after this year’s best growth on the eve of the news of the end of the introduction of import duties in the United States for a number of countries. This is confirmed by the results of the auction on April 10.
Thus, the cost of June futures to various Brents with the Ice Futures London Exchange reduced by $ 1.8 (2.75%), up to $ 63.68 per barrel. On Wednesday, these contracts increased at $ 2.66 (4.23%), up to $ 65.48 per barrel.
WTI oil futures in May at the New York Commodity Exchange (NYMEX) electronic auction fell $ 1.71 (2.74%), up to $ 60.64 per barrel. According to the results of the previous session, the value of these contracts increased by $ 2.77 (4.65%), up to $ 62.35 per barrel.
As you know, at night, on Wednesday, US President Donald Trump announced the suspension of 90 days of duties for countries that did not respond to previously declared tariff measures. At the same time, tariffs for Chinese imports rise to 125%.
China is the largest oil import in the world, and the growth of American duties can negatively affect demand for gasoline and oil references in the country.
Pressure in quotes also provides data that the commercial oil reserves in the United States last week increased by 2.553 million barrels. Analysts on average predicted an increase of 2.2 million barrels.
Terminal reserves in Kalo, where oil is stored, exchanged with the New York Commodity Exchange (NYMEX), which has increased by 681 thousand barrels.
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Source: korrespondent
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