The price of oil drops with the increase of trade tensions due to Trump fees

Oil prices fell after US President Donald Trump was imposing strict customs on major commercial partners, including China and the European Union, in a step that excluded the energy sector, but increased the intensity of the trade war that threatened global demand. The price of Brent ruol fell 3.2% to $ 72.52 a barrel, influenced by a fall in the broader markets. West -texas -Inintermediate rough dropped below $ 70. This new package of customs duties is the biggest attack that Trump has been on the global economic system so far, which he has always described as unfair, and comes to previous drawings that target countries such as Canada, Mexico and China. On the other front, Beijing on Thursday promised to counteract the United States without disclosing specific details. The European Union also promised to respond to this step. The release of energy imports from mutual fees said it would apply a customer fee with a minimum of 10% to all exporters to the United States, and that it would impose extra fees on about 60 countries from the countries that record the largest commercial imbalance with the United States, although Canada and Mexico are two main sources of crude oil cracking in the middle of not. The White House mentions that oil, natural gas and energy products are one of the commodities that are excluded from fees, which release fuel markets from the weight of the procedures. China is an extra fee of 34% imposed on the current tax, while 20% fees have been imposed on the European Union. The basic import figures will come into effect after midnight on Saturday, while the higher fees will begin from April 9. “The total fee of 54% on Chinese exports is very hard,” says Robert Rene, head of commodity and carbon research at Westpac Bank, adding: “It’s difficult not to see early estimates of the average weighted months. Fees are a tool to emphasize America’s power. of the United States, to restore balance to trade relations, revive the American industry and withdraw geopolitical concessions. “OPEC+” coalition to reduce the production of countries that exceed their agreed shares. Petrol futures have decreased by more than 3%in the United States, and the profit indicators arising from the conversion of crude oil to fuel in general. The markets also see more activity than usual, as trade volumes have exceeded the model levels during the Asian session. More than 43,000 contracts were traded by the curve by the interim “West Texas” interim contracts by the interim “West Texas”.