Yesterday, the barrel price of Brent oil rising up to $ 70.64, completed the day at the level of $ 68.97. The barrel price of Brent oil, today at 09.00, decreased by 0.01 percent compared to the closing was 68.96 dollars. At the same time, the Western Texas species (WTI) found buyers at $ 65.74 barrel of crude oil.
The impact of customs tariffs on global economic growth, a possible recession concern in the US and the production plans of the OPEC+ group continue to put pressure on the markets.
US President Donald Trump’s protectionist policies increase uncertainty in global markets. Trump announced that he has postponed tariffs for his country’s largest oil suppliers, Canada and Mexico. While the United States raised customs duties on Chinese goods, China and Canada have activated their own tariffs as retaliation.
While fighting against inflation throughout the world, recession concerns continue to suppress economies. The trade war initiated by Trump through tariffs deepens the uncertainties in the country’s economy.
In an interview on Sunday, Trump, in response to the question of whether tariffs will lead to recession this year, said that he “hates” making economic estimates, “We are in a transition process because we are in a transition process, because we bring back wealth to America and this is an important step. Such great changes should always take a certain time.” He said.
Experts, federal government and private sectors in the economic growth may pose a risk that the predictions are strengthened, he says. The fact that the employment data announced last week remained below expectations reintegrated the concerns of recession.
The risks of increasing recession concerns in the US and the risks that trade wars may be further exacerbated are suppressing the risk appetite in global markets. Experts pointed out that the US tariff threats lead to fluctuations in the share markets in the region. Market players closely follow the developments in the possible meeting of the US and China leaders.
On the supply side, Russian Deputy Prime Minister Aleksandr Novak said that the OPEC+ group has decided to increase oil production from April, but that this decision could be reviewed if there is an imbalance in the markets.
Despite the fluctuations in the markets, experts predict that Brent oil has a strong support of $ 70 per barrel and that there may be recovery in prices.
Brent oil technically $ 72,24, resistance, 67.21 dollars can be followed as support.
