World Oil Price Today Brent was $ 2 and 2 cents
reports about the weakness of demand and the world economy stagnation following Trump’s new tolls, more than 5 % in Tuesday’s trading has increased.
Price per barrel of oil Brent North Sea today rose 2 cents to $ 5.5 percent to $ 2 and 2 cents. Oil West Texas Intemic US is also traded at 2 cents, equivalent to $ 6.5 % and 2 cents.
Oil prices fell by 5 % on Monday to reach the lowest in the past five years. There is a concern that Trump’s new duties will bring world economies into the recession and lower the demand for energy.
Trump believes that these new tolls, which are at least 2 % for all imports to the US and in some specific cases, will revive the country’s industrial base. According to Trump, the US industry is declining due to decades of freedom of trade.
While many countries seek exemption or at least reduced these tolls, others, including China, the world’s second-largest post-US economy, have announced its plan to impose countermeasures. Trump said if China does not withdraw from its counterparts, it would impose more implications on imports.
Analysts believe that if China continues to its resilient position, the toll on imports from the country will increase by 5 %, causing more world stock markets to decline and accelerating the world economy.
Reuters analysts say US crude oil and condensate reserves have increased by about 1.5 million barrels last week, another sign of market demand weaknesses.
It is estimated that the cost of producing oil in the United States as the world’s largest producer is about $ 2 a barrel. Therefore, too much oil price reduction reduces investment and drilling in the industry.
