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.”
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