[ad_1]
(Reuters) – The latest round of US tariffs on China could weaken global oil demand and push Beijing to retaliate by buying Iranian oil, pushing the price of Brent crude down from 20 to 1 dollar a barrel, said Friday Bank of America Merrill Lynch. $ 30 a barrel.
"World oil consumption is at its lowest level in nearly 10 years (…) trade protection has severely affected global industrial activity," the bank's badysts said in a note. We believe that the latest round of US tariffs on China could weaken global demand for oil between 250,000 and 500,000 barrels of oil a day. "
China's decision to resume Iranian oil purchases could drive down oil prices, the bank said.
Brent crude futures rose about 3% above $ 62 a barrel on Friday, after falling more than 7% on Thursday, the largest decline for more than three years after the US dollar. announcement by US President Donald Trump to impose additional tariffs on Chinese imports from the first day. From September onwards.
China announced Friday that it would take countermeasures.
(Reuters)
Source link
