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For May delivery, crude has dropped from $ 4.95 or $ 7.4 per cent $ 62 per barrel to $ 4.76 or 6.6 per cent to $ 66.95 per barrel in Thursday’s season to $ 62 per barrel. With extended Noseive, the price of crude oil reached its lowest level in three years.
Concerns about the impact of a global trade war will be on fuel demand, China continued to weigh crude oil after the announcement of retrenching tariff on US goods in response to President Donald Trump’s new levy.
China’s Finance Ministry announced that 34 percent tariffs would be imposed on all imported goods starting from the US starting from April 10.
The new tariff “mutual tariff” plans to impose Trump’s plans on China, although the country will face 54 percent effective rates when the new levy is associated with existing duties.
The Ministry called Trump’s Tariff Scheme “specific unilateral bullying practice”, which is “inconsistent with international trade rules.”
Responding to the news in a post on Truth Social, Trump argued that China “played it wrong” and “nervous,” by calling this step “by calling one thing that they cannot tolerate to do.”
Canada and the European Unions are also reportedly formulating counterents, causing concerns about a trade war that can promote inflation and damage the global economy.
Concerns about the increase in supply at the time of slow demand also contributed to the decline from crude oil after eight OPEC+ countries of crude oil after eight OPEC+ countries.
An OPEC statement stated that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman agreed to increase production per day per day in May.
OPEC stated that in addition to two monthly salary hikes in production, the increase in production included the original increase for May.
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