Oil prices resume upward movement after recent collapse

Posted 02 August, 2019

Oil prices have resumed rising following the major slackening over the past few years caused by the reports about the possible imposition of new duties on Chinese products in the USA.

According to the market data, September Brent futures on London ICE Futures hiked to $61.98/bbl. At the same time, the previous session recorded a plunge to $60.5/bbl.  September futures for WTI brand on NYMEX went up to $55.12/bbl, compared to $53.95/bbl recorded yesterday.

Donald Trump reportedly stated yesterday that he planned to launch new duties against Chinese products worth $300 billion per year. The duty is expected at 10%.

As the US President said on Twitter:

"China agreed to buy the agricultural product from the U.S. in large quantities but did not do so. Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die!..."

He also noted that the duties will cover the products that are yet to be subject to duties. For reference, the previous duties were launched at 25% on Chinese products worth $250 billion.

At the same time, Donald Trump and Washington "look forward to continuing our positive dialogue with China on a comprehensive Trade Deal".

The market experts stated that increasing conflict confirms fears of oil excessive supply, which means that If the situation does not change, players will focus on the cartel waiting for new production cuts.

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02 August, 2019 15:16

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