Oil prices are under pressure this morning, following other downward risk assets, after the Trump administration revealed a 10% base tariff over all imports of all commercial partners. The WTI drops more than 3% at a time of the morning session and quoted below $ 70.00/BBL, says the ING currency analyst Chris Turner.
The magnitude of some of Trump’s tariffs generates concerns about global demand
“President Trump’s latest levies will enter into force on April 5. An addition Trump tariffs will generate concerns about global demand.
“Apart from the tariffs, the OPEC+ is making a call today to discuss the need for members to adhere to the production objectives. The OPEC+ is ready to bring 138,000 b/d additional supply to the market this month, as part of the plans to gradually begin to undo 2.2 million b/d supply cuts. We could also obtain clarity on whether the group will continue to undo the supply cuts next month. However, even when OPEC+ brings supply back to the market, some members need to make compensation cuts for the previous overproduction. This should compensate more than planned supply increases. “
“The weekly inventory report of the Energy Information Administration (EIA) was quite bear Crude increased by 271,000 b/d compared to the previous week.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
