The barrel of oil West Texas Intermediate in deliveries for June cost in the morning at Nymex in New York $ 58.03, which meant an increase of 1.6 percent. Brent at ICE at July was valued at $ 61.2 For a barrel, after an increase by 1.6 percent In the afternoon, the increases accelerated to 2.7 percent.
The previous weeks for oil were fatal. In mid -January, WTI and Brent prices reached $ 79, respectively. and $ 82 for the barrel. Oil in global fuel markets was tight on Monday after the OPEC+ Alliance countries agreed to increase the supply of oil in June the second month in a row, this time by 411,000 barrels a day, and Saudi Arabia – leader in OPEC+ – warned about possible additional oil supply increases.
This occurs at the moment when the largest economies in the world – the US and China – run a trade war, which threatens the demand for oil and its products and in general global economic growth.
For now, US President Donald Trump declared that he is willing to lower the duties for China at some point, because they are so high now that the US and China have practically stopped working together.
Trump imposed 145 % duties for China, and China responded to the US at 125 percent. “At some point, I intend to lower them (duties), because otherwise you could never do business with them (China), and they really want to do business,” said Donald Trump in an interview in the program “Meet The Press” at the NBC station.
The US President pointed to the last economic problems of China, where the factory activity was the least since 2023 – according to the official calculation of production purchases managers.
In turn, the new export orders of China fell to the lowest level since December 20, 2022 and recorded the most powerful decrease from IV 2022, when China entered a nationwide pandemic lockdown.
