Petroleum is moving towards monthly loss – Cyprus Newspaper

Oil is moving towards the monthly loss with US President Donald Trump's policies affecting energy demand.

Petrol is moving towards monthly loss with US President Donald Trump's increasing tariff threats to Canada, Mexico and China, reducing appetite to risky assets, strengthening the dollar and affecting energy demand.

The US crude oil won more than 2 percent on Thursday after it was traded close to $ 70 per barrel. Brent fell below $ 74. As of March 4, Trump confirmed his plans to impose restrictions on imports from Canada and Mexico; This includes 10 percent tax on Canada energy products. He also threatened to double the existing tariff from China, the world's largest crude oil importer.

While the growing trade wars between the United States and trade partners are uncertain, the economic appearance of the United States has been moving towards the largest monthly loss since September. This concern overshadowed possible increases of firmly sanctions against Iran. In the Middle East, Iraq said that without giving a time frame, he reached an agreement to restart crude oil exports.

On Ukraine, President Trump said President Volodymyr Zelenskiy will visit the US on Friday. This came with the progress of the US's three -year war between Moscow and Kiev; This is a potential change that can promote the relaxation of sanctions against Russian flows.