Oil prices have risen due to duties USA to China

Нефть резко подорожала из-за пошлин США для Китая

The day the price of oil played the weekly drop. Brent is approaching $ 73 per barrel.

On Friday, August 10, crude oil prices have increased growth, with Brent almost eliminated the decline since the beginning of the week, writes Interfax-Ukraine.

October futures for Brent crude on the London ICE Futures exchange to 18:17 rose $0,66 (0,93%) – to $72,74 per barrel.

The futures price for WTI in September to trading on the new York Mercantile exchange (NYMEX) rose to $0,80 (1,2%) to $67,61 per barrel.

Since the beginning of the week, Brent lost 0.7 percent, crude fell 1.1%.

The main factor exerting the pressure on the oil market this week became the news of the introduction of additional import duties on Chinese goods in the United States that the Chinese authorities have promised to respond to the same measures.

The US and China – the two largest economies in the world and are leaders in the consumption of fuel. If the problems in foreign trade will lead to slower growth of GDP, world oil demand will also decrease.

At the same time, China in June became the largest importer of crude oil purchased in the US, a record 15 million barrels.

Meanwhile, the International energy Agency (IEA) downgraded its forecast for growth in world oil demand in 2019 is 110 thousand barrels per day to 1.5 million b/d. the Agency Also reported that oil supplies in the world in the past month increased by 300 thousand b/d.

Earlier it became known that the United States will impose additional duties on products from China. Customs charge of 25% will still apply to 279 items of Chinese goods with a total cost of about $ 16 billion. China intends to answer a “mirror” duties.

Also today, the American President Donald trump ordered twice to raise tariffs on aluminum and steel from Turkey.

 

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