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Today, WTI crude oil was last seen trading at $ 66.27 per barrel, below $ 1.06 (or 1.57%).
Yesterday, OPEC+ Alliance agreed to increase the output of 547,000 barrels per day for September for September for September and on the target of 548,000 BPD hikes for August and the target of July 411,000 BPD before July of July.
As a result, the fears of oversuply have gripped oil traders.
The stress of a coupled, prolonged trading war with it has inspired traders to guess that the demand for oil may decrease in the coming days as a high-tariff trade landscape can reduce the energy consumption, which can reduce oil prices. Note, after 1 August, several major American trading partners have been killed by giant tariffs which are ready to be effective on 7 August.
All these factors put pressure down on the price of crude oil.
Last Friday’s Labor Department data showed that employers added only 73,000 jobs in July; Below with the expectation of 115,000 jobs markets.
Showing a weak job market against the background of this data, traders feel that the US Fed has to cut rates in September and perhaps in December. The route for a well -organized global economy is now cloudy.
In the relevant major move, Trump fired the commissioner for the Labor Statistics Bureau, accusing the department rigging the number of jobs.
Today, data released by the US Commerce Department has shown that the new orders for American -made goods fell 4.8% in June after an increase of 8.3% in May in June, in June, which is in line with market expectations for 4.9% recession.
Last week, the Trump administration gave the US oil major Chevron an approval exemption for its operation in Venezuela that allows Vishal to pump more oil now.
A few days ago, Trump gave Russia a 50-day time limit, which he later reduced to 10–12 days for the country to eliminate its 3-Plus-year war with Ukraine or to face high tariffs with the danger of “secondary restrictions” on countries buying oil and energy from Russia; In particular, India and China.
Today, Trump reiterated his threat to India, saying that he would “increase the tariff to a large extent” on Indian exports “if it purchases crude oil from Russia.
Earlier, on 18 July, the European Union hit Russia with a central segment with restrictions from its 18th package, aims to reduce the cap at $ 60 to $ 47 at the cost of Russian oil.
Despite hazards from the European Union and the US, so far the Russian government has not shown any indication of its desire to end its struggle with Ukraine.
Analysts feel that even a symbolic tariff growth can increase third -party financing and insurance, which complicates access to concessional cargo.
Despite the overall concerns for slow demand for slow demand in view of the ongoing American tariff war and the decision of OPEC+ Cartel’s decision to increase the output, Trump-Putin Shodown has kept dial slightly in favor of oil prices.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
