Customs dispute presses oil prices: the markets react nervously!

Customs dispute presses oil prices: the markets react nervously!

New York, USA - International oil prices experience a slight decline, triggered by the continuing tensions in the customs dispute between the USA and other countries. According to the International Energy Agency (IEA), the increase in US tariffs and the subsequent retaliation measures are mentioned as a main factor that contains the global economy and thus also dampens the demand for crude oil. A barrel of the North Sea type Brent is currently being traded for $ 70.54, which corresponds to a decline of 0.5 percent compared to the previous day, while the price for a Barrel of the US variety WTI is 67.26 US dollars, which corresponds to a minus of 0.7 percent, such as krone.at reported.

The IEA estimates that this year the global oil offer exceeds about 600 million barrels per day. This oversupply is a crucial factor that, in addition to customs policy, influences the current price level on the oil market. In addition, the risks associated with possible tariffs are still a central topic in the market analyzes, which increases the feeling of uncertainty among investors and further affects price development, as finanzen.at reported.

consequences for other raw materials

While oil prices are falling, the gold price experiences an increase and marks a record high with over $ 2973 per troy ounce. This development is also associated with the uncertainty in connection with US customs policy and the prevailing global economic instability. Analysts expect the concerns about the effects of tariffs on the Australian and International Economy, also the central bank of the United States, the Fed, to loosen the interest rate policy, which in turn supports the gold price.

In the result, the first reactions in the global commercial landscape are clearly noticeable. The customs dispute between the USA and Canada continues to come to a head, since the Canadian government reacted to the steel and aluminum imposed on the steel and aluminum, which caused additional tensions.