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Oil prices have maintained this loss after the sharp decline last year after the economic expansion of US President Donald Trump and the worsening of the trade war with China, which should have a negative impact on oil demand. It did not change much after losing 5% on Wednesday. The United States has announced that it will apply additional customs duties on Chinese goods worth $ 200 billion to come into effect on August 30. Fears that trade tensions between the world's two largest economies continue to rise point to the largest decline in US crude oil inventories by nearly two years.
Oil prices, global supply problems and the recent imposition by the United States of sanctions on Iran have hit a three-year high in recent weeks with l impact of concerns that could lead to oil shortages in the market. While the sharp drop in US crude oil inventories in the United States led to a decline in buffer stocks, traders turned to a trade war that did not seem to be slackening, with China announcing that the United States was rewarding the latest decision tariff.
Mizuho Research Institute Ltd. "Uncertainties about Iran's sanctions and the US-China trade war have a huge impact on the oil market," said Jun Inoue, senior economist, "if the impact of the trade war spreads to countries Developing and slowing this economy,
August West Texas Oil (WTI) rose 22 cents on the Nymex market to $ 70.60 a barrel at 10:59 am Tokyo time The contract fell $ 3.73 Wednesday , closing at $ 70.38 The total volume of transactions was less than 37% of the 100-day average
Brent Oil increased by 1.5% in the ICE Futures Europe market in London at $ 74.50 a barrel The contract fell 6.9% on Wednesday, the largest decline in two years, to 73.40 The global benchmark Brent oil traded at a premium of 5 $ 25 compared to WTI in September.
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