Oil is close to the lowest level of six months – Cyprus Newspaper
Oil was close to the lowest level of six months under the influence of trade wars.
Oil, US President Donald Trump's tariffs launched trade wars on many fronts, followed close to the lowest level of six months and increased concerns about the appearance of energy demand.
The US crude oil was traded close to $ 66 per barrel after fell more than 5 percent in the last four sessions. Brent closed Wednesday below $ 70. Trump will give a monthly exemption from new tariffs to cars from Mexico and Canada.
Petroleum has fell by almost a fifth of five since the mid -January, while Trump's trade policies shaken global markets. OPEC+ also pointed out its plans to revive production in April, which contributed to the fall -oriented winds.
The US Gulf Coast Refineries order less crude oil than Mexico, which plans to announce to Trump's tariffs on Sunday. The province of Alberta, Canada will work to build pipelines on the shore to increase oil shipment to Asia and Europe.
Morgan Stanley reduced Brent forecasts for the rest of the year and expects the index to trad around 60 dollars in the second half.
