Trump's customs threats are shadow on oil prices

Oil prices fell when investors’ evaluation of the effects of US President Donald Trump’s escalation of his customs threats against the most important commercial partners of the United States. The West Texas West Raw was traded without a $ 70 threshold for the barrel, after rising by more than 2% on Thursday, while Brent roughly closed nearly $ 74. On March 4, Donald Trump has his plans to impose the definitions of customs on the import of Canada and Mexico, including 10% possible fees on Canadian energy products. This can increase the cost of crude oil, although the imputation of higher fees on all other goods can slow down growth and negatively affect the demand for oil. The fear of global economic growth is still on the way to register a monthly loss, as poor economic data fear for slowdown in global growth. Trump has also raised customs duties on China, which is the largest importer of crude oil in the world. At the supply level, oil exports can resume via pipelines from the Kurdistan region of Iraq, but it is generally believed that the OPEC+alliance will postpone any increase in production. Trump’s position on Ukraine Trump said negotiations on an agreement related to the end of the war in Ukraine are “very advanced”, but that a decisive result has not yet been achieved. He added that the United States will be an important partner in developing the resources sector in Ukraine, including oil and gas, as well as minerals and rare soil elements.