Oil prices were confirmed in the midst of weak trade on Wednesday after the fears that new US customs duties would lead to global trade war, which could limit the demand for crude oil.
In a barrel of the future of Brent crude after the downsizing 0.4% on Tuesday. Settled as 74.49. The US West Texas Intermediate Crude’s future fell by 0.4%to 3 cents to $ 71.23. Prices rose to the highest level in 5 weeks on Monday during the settlement.
The White House on Tuesday confirmed that President Donald Trump would impose new customs duty on Wednesday.
“Oil prices have increased by 2% in March, but since then, it is stable. In the light of the markets waiting for clear customs duties,” Philip Noah’s chief market analyst Priyanka Shashwa said.
According to data on the London Stock Exchange’s platform, the size of the trade of Brent crude reached 13936 contracts in June, with 672,617 contracts compared to open contracts for the same month.
Trump called April 2, “Liberation Day”, and he is expected to announce a collection of customs duties that will shake the stability of the World Trade Organization.
He recently united Trump’s threat to impose secondary customs duty on Russian oil and to tighten sanctions to Iran within the framework of the “maximum pressure” policy adopted by his administration to reduce Tehran’s exports.
“If Trump’s pressure is successful and contributes to the ceasefire between Russia and Ukraine, there is a scene where these sentences are short,” said Johnw Shah, vice president of the goods market in the restaurant energy.
“Oil prices are so silent so far.
American oil and fuel stocks showed a different image of supply and demand in the world’s largest oil manufacturer and consumer.
Crude oil stocks rose 6 million barrels in the United States in the week ending on March 28, while the US Petroleum Institute cited evidence that petrol stocks fell in 1.6 million barrels of barrels and 11 thousand barrels.
The official US crude oil stock data is scheduled to be released from the Energy Information Department on Wednesday.
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