The customs flict between the US and other countries inhibits the demand for crude oil. “New American rates, in combination with escalating retaliation measures, have tightened the macro -economic risks,” said the International Energy Agency (IEA) on Thursday.
There are currently numerous uncertainties and an offer that exceeds the world market. The oil prices have therefore fallen. A barrel (159 liters) from the North Sea variety Brent with delivery in May costs on Thursday $ 70.54 (the equivalent of around 65 euros). That is 0.5 percent less than the day before. The price for a barrel of the American variety of WTI with delivery in April fell by 0.7 percent to $ 67.26 (around 62 euros).
In the current year it can be expected that the global oil supply would be around 600 million barrels a day above the question, predictively predicting the IEA. The concern about the possible consequences of the customs policy of the new US government is currently influencing the oil market.
Golden price on a new record high
The eight oil export states, which had agreed on voluntary financing reductions, want to show up the oil tik again within a few weeks.
The price of gold, on the other hand, rose to a record high on Thursday and is more than $ 2973 per Troy Oune (31.10 grams). Global uncertainties will probably also contribute to this. “It is expected that the American COTTAL policy will weaken the economy and thus the American Federal Reserve -fed to interest rates in interest rates,” says Ole Hansen, head strategist at the Danish online broker Saxo Bank.
Finally, the customs flict escalated between the White House and the Canadian government. US President Donald Trump imposed rates for the steel and aluminum import of 25 percent, Canada responded with counter-tariffs.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
