Yesterday, the barrel price of Brent oil rising up to $ 69,52 completed the day at the level of $ 69.18.
The barrel price of Brent oil, today at 09.10, decreased by about 0.33 percent compared to the closing was 68.95 dollars. At the same time, the Western Texas species (WTI) found buyers at $ 66.77 barrel of crude oil.
In the decline in prices, the decision to increase the production of the OPEC+ group consisting of new developments in the US customs tariffs and the organization of oil exporting countries (OPEC) and some non -OPEC producer countries was effective.
US President Donald Trump shared the tariff letters containing customs duties for 14 countries from his social media account yesterday.
Trump, in his letters to Japan and South Korea, all products sent from these countries to the United States as of August 1, a 25 percent customs duty will be applied separately from sectoral tariffs.
In order to avoid high rates, Trump pointed out that the goods transferred through other countries will encounter higher tariffs, and that the tariff rate of 25 percent will increase in the case of retaliation.
In the letters, Trump said that the tariff rates to be applied was 25 percent for Malaysia, Kazakhstan and Tunisia, 30 percent for South Africa and Bosnia and Herzegovina, 32 percent for Indonesia, 35 percent for Bangladesh and Serbia, 36 percent for Cambodia and Thailand, and 40 percent for Laos with Laos.
Trump also signed the decree on the extension of the postponement period of the tariff postponement on July 9th.
Increasing concerns about the fact that heavier tariffs can be applied after these developments creates pressure on the global economy and thus oil demand, while negatively affect oil prices.
On the other hand, 8 members of the OPEC+ group consisting of Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman decided to increase oil production by 548 thousand barrels per day compared to July.
The countries in question, which gradually alleviate the daily 2.2 million barrel production deduction, which they voluntarily apply, went to the increase of production of 411 thousand barrels for 138 thousand barrels in April, May, June and July.
This situation, which increases the risk of surplus supply in markets, also supports the decline in prices.
Brent oil technically $ 76.96 dollars, resistance, 63.07 dollars can be monitored as support.
