Oil prices fell to the level of coronavirus pandemia.
On the second day, after the introduction of new US duties, oil prices continue to fall. In particular, Brent Futures fell $ 5.30. (From -7.6%) to $ 64.85 per barrel. This was not so since August 2021. These 4 reported the reuters.
And the futures for American oil brands West Texas Intermediate lost $ 5.47. (-8.2%), their cost is approximately $ 61.5.
It is noted that oil prices fell after China decided to impose new duties on all American imports.
According to Ole Hansen, the head of the raw materials strategy department in Saxo Bank, the aggressive actions of the PRC in response to the US responsibility confirm the inevitability of the world trade war.
According to the expert, a war where there are no winners, and which will harm economic growth and demand for key goods, such as oil oil and oil products.
Another factor in the drop in oil prices, as indicated by the media, is the decision of the OPEC+ countries to increase production. This group plans to spend triple indicators and supply more than 400,000 barrels per day.
Recall that on April 2, US President Donald Trump introduced great duties throughout American imports. The minimum level of 10% will be valid from April 5 for all countries in the list. Mutual tariffs, which are individual for each country, entered into force on April 9th.
The British magazine The Economist greatly criticized this decision and called on April 2 the “Destruction Day”.
Source: Reuters
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.