Reduce global oil prices following the intensification of US -China trade tensions
reports Mehr reporter. (WTI) on Thursday fell by 2.9 percent to $ 2 and 2 cents a barrel, while in the previous trading session, the price increase was recorded by 4.9 percent. At the same time, Brent oil prices fell more than 2 percent to $ 2 and 2 cents a barrel. The following chart shows the wTI crude oil price changes over the past 7 days.
re-decline in oil prices following the intensification of trade tensions between the US and China, which has raised concerns about reducing demand.
US President Donald Trump increased import tariffs from China to 5 %; An action that took place only one day after the implementation of another 5 % increase. While Trump has delayed new tariffs on other countries for a period of five days, the sharp increase in tariffs against China, the world’s largest oil importer, has exacerbated concerns about fuel demand drops.
In contrast, China also increases its tariffs on American goods to 5 % and is expected to provide economic stimuli packages to support sectors such as housing and consumption.
UPCPlus has agreed to accelerate the increase in oil production, which has raised concerns about market surplus. In addition, the closure of the Keyston pipeline, which transmits crude oil from Canada to the United States, has added to market ambiguities due to leaks in the North Dakota; Because there is no specific time to resume the activity of this pipeline.
