The trade war drives down the price of oil

A day after the barrel Brent reactivated its Attack on the US $ 80 barrier, its price fell 6.88% in the price of crude oil. benchmark in Europe, closing at US $ 73.40 for delivery in September.

of the West Texas barrel, a reference in the United States, at 70.38 dollars a barrel.

Last week, the Trump Administration 's offer to Europe to avoid the introduction of new tariffs to the European car industry It has fueled the. hope of a withdrawal from the US trade offensive. These hopes are now in contradiction with the new tariffs announced by the United States, for an amount close to 200 000 million US dollars.

Analysts do not neglect threats of retaliation such as the one launched in China, and this has affected the full oil market. The Asian giant has proposed to respond to White House offensives with new tariffs on US oil imports. China is the destination of about 20% of all US oil exports, with a bill of nearly $ 1,000 million a month.

Cross-trade policy risks between the two largest powers the global growth forecast.

The badytical firms are rethinking their previous estimates and, in cases like the Nomura investment bank, they consider the "worst case" as a war between the United States. and China which ends with the introduction of tariffs of 10% on average on all products from the "commercial enemy".

The deceleration of growth, albeit on a more moderate scale, would considerably reduce the demand of the two economic powers, in turn, the two largest oil consumers in the world.

In its latest monthly report, OPEC estimates that global demand for crude oil will reach 100.3 million barrels per day in 2019, 1.4 percent more than forecast for this year.

If the threat of a tariff war affects the global economy, a possible slowdown in demand would coincide with the rebound in production agreed at the last OPEC summit [19659004] Wall Street closed with losses

Another who lost yesterday was Wall Street, which closed the day with losses and the industrial Dow Jones fell 0.88%, impacted by new tariffs that Washington plans to impose on Beijing and that they threaten to intensify the trade war between the two countries.

At the close of trading, the main indicator subtracted 219.21 points, up to 24,700.45 points, while the selective S & P 500 decreased by 0.71% or 19.82 points, to 2,774.02 units. On the other hand, the Nasdaq composite market index, which includes large groups in the technology sector, lost 0.55% or 42.59 points to 7,716.61 points.