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Brent crude oil fell in price by 5%

11.07.2018
Economy, Oil

The price of Brent crude for trading on Wednesday fell below $ 75 per barrel, losing more than 5% per day, according to trade data.
As of 20:50, Brent was trading at $ 74.54 (minus $ 4.4 compared to the beginning of trading). The last time Brent traded below $ 75 a barrel on June 25.

At the same time, WTI crude oil fell in price: for a barrel, according to data at 20:50, $ 70.97 was given. This is less than $ 3-plus (minus 4.3%) compared to the opening of trading.

Bloomberg associates the fall in prices with the escalating trade war between the US and China, which threatens world economic growth. Over the past few weeks, US President Donald Trump has threatened China with new import duties. Beijing threatens Washington with retaliatory measures. The agency notes that the risks associated with the trade war eclipsed the impact of data on oil reserves in the US, which showed last week a record decrease of 12.6 million barrels.

"There is no doubt that this uncertainty continues to affect not only the crude oil markets, but all other markets," Bloomberg quotes Brian Kessens of the Tortoise spokesman.

Last week, the price of oil exceeded $ 75 per barrel against the background of real and expected disruptions in supplies from Canada. Saudi Arabia has promised to increase production to help cover the shortages of other major suppliers. However, some observers questioned the ability of the kingdom to do so, notes Bloomberg.