Oil prices are declining in the midst of anticipation of economic data and the continuation of the trade war

Oil prices have dropped with the analysis of US economic data and their anticipation of more developments associated with the trade war launched by President Donald Trump, including China’s efforts to support the economy affected by customs duties. West -texas -Inintermediate rough dropped 1.5% to stabilize $ 62 a barrel, the lowest closing level in about two weeks. US stocks have also dropped amid a wave of sale in shares of major technology companies, and after a report stating that the manufacturing activity in Texas has reached its lowest level since May 2020. Treasury Secretary Scott Besent told CNBC that the US government is in contact with China, and that the responsibility to start calming the trade war with the United States on the Shoulder of Beijing. In China, the largest importer of crude oil, officials promised to provide more support to the exporters affected by the Trump Dubians, while denying any trade conversations with Washington. Zhao Chen Chen, vice -chairman of the National Development and Reform Committee, said in a press briefing that the authorities are confident in their ability to achieve an extension goal of about 5% in 2025. Outlaws have been negatively affected by the fear that the US trade war will harm economic activity and harm energy question. Meanwhile, OPEC+has strengthened a negative feeling of raising production. The group will hold discussions on May 5 to study production plans for June. The following market indicators may come from a set of major economic data this week, including US growth and work data. Investors will also have the opportunity to listen to opinions on the global expectations of the global oil market this week, as huge oil companies, such as “BB”, “Shell”, “Chevron” and “Exxon Mobil”, will announce their profits. The signs of the US and Iran agreement, Aldo Spanger, head of the PNP Pariba Energy strategy, said that “crude oil in the almost -term occurs well despite negative spirit,” thanks to the decline in crude oil stocks on the country. He added: “During the third and fourth terms, we see a sufficient increase in equities to reduce some of the luxury pressure, while increasing the stock from Outec+ balances.” At geopolitical level, the United States and Iran announced signs of progress in discussions on an agreement on Tehran’s nuclear program, and the two parties agreed to meet again in Europe. In a separate context, an explosion in Iranian Shahid Rajai harbor killed dozens on Saturday. This main center has a strategic location on the street of Hormuz, an important course for global oil trade. The work also stopped in many Spanish oil refineries after the power cuts in most parts of the country Monday.