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WTI crude oil for August delivery today increased from $ 0.05 to $ 68.38 per barrel.
The September Month Brent crude contract was last seen in trading, which was $ 70.21 per barrel by $ 0.06 today.
US President Donald Trump said that he is planning to impose a new 50% tariff on all copper imports in the US. This can make electronic goods, machinery and cars expensive in the US. He also said that 200% tariffs on pharmaceuticals are coming “very soon”.
If inflation increases, the demand for oil and energy may take a hit.
With Trump expanding his “mutual” tariff stagnation by 1 August, the European Union and India are working closely with American officials to reach a trade agreement. The UK, China and Vietnam have already closed trade deals.
The market has already digested the July 6 decision by OPEC+ for 548,000 barrels per day in August and second increase in September.
Saudi Arabia’s National Oil Company, Saudi Aramco, has said that by the end of the year, the daily demand is expected to increase by about 1.2 to 1.3 million barrels.
According to data from energy information administration, crude oil inventions in the US increased 7.070 million barrels for the week ended July 4, the biggest benefit since January. There was a decrease of 2.658 million barrels in gasoline stocks and 825,000 barrels in distilled fuel stocks.
In the Middle East, two wholesale carriers, magic seas and eternity CE by the Iran-educated Housthi militia are about traders, as they fear that they may increase the vengeance position by us and the West and obstruct the oil-and-energy supply-transit channels for a longer period.
As the Trus declared by Trump between Israel and Iran, the Hauthi attack has come as new and serious issues for the factor.
Being a dollar-communal item, the decision taken by the US on interest rates in the coming days will decide the US dollar movement and thus affect the oil prices.
However, analysts feel that the price of oil will stabilize in the second week of August when a clear picture begins to emerge on Trump’s tariff.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
