A new round of trade conflict between the US and China has contributed to a record reduction in oil prices. Quotes fell 8% at once. The fall in prices could not be prevented by fears over the so-called “tank war” off the coast of Iran.
US President Donald Trump in his Twitter announced the introduction of new duties on Chinese imports on September 1 this year. The news stunned the markets. Only a month ago, an agreement was reached at a congress in Japan to freeze the total billing process.
Duties will be 10% on goods from the Celestial Republic with a total value of $ 300 billion. This is expected to limit fuel demand for the world’s two largest oil consumers.
Bloomberg financial analysts estimate that prices for “black gold” have experienced the sharpest decline within one week in the last 4 years. As of August 1, 2019, Brent quotations reached $ 60 a barrel.
The cost of the Texas WTI has dropped to $ 53.9 per barrel.
After rising on the last day of the working week (Brent – $ 61.89, WTI – $ 55.69), prices went down again. August 5, as of 09.50 Kyiv time, the price of October futures for Brent was $ 61.06 per barrel. September WTI crude oil futures fell to $ 54.98 a barrel.
New duties will affect almost all Chinese goods. It is likely that the promised 10% may be only the beginning, and in the future will increase the duty to 25%, that is, in fact, “prohibitive” level. It will all depend on whether Chinese President Xi Jinping signs the US-led trade agreement. One way or another, US-Chinese trade issues will remain, according to VM Markets analysts, “the dominant factor shaping oil prices.”
The market has adapted to supply disruptions caused by incidents such as the attack on oil refineries in Saudi Arabia, the department said. The US Energy Ministry expects oil prices to decline in the coming months. This is stated in the monthly report of the Department of Energy of the United States Office (EIA), released […]
Vartist barrel of listopadovo naphthy Brent 27 sickle until 17:42 according to Kiev put up $ 58.81 (+ 1.19%). The WTI Zhitnefto Nafti Barrel was trading at $ 54.34 (+ 1.30%). The price of naphtha went to the point of declaring US President Donald Trump about those who want to sign a new trade for […]
The Cabinet of Ministers has determined the final amount of special duties on Russian diesel and liquefied gas, which will come into force on August 1. On the import of ZN from August 1, a special duty of 3.75% of the customs value of the goods will be applied. The duty is introduced only for […]
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