Oil prices are on their way to the third weekly decline

Oil prices are turning around the third weekly decline, after the fear has excelled that customs duties imposed on President Donald Trump on China will lead to an exhaustion of the crude oil claim, on the first round of the sanctions set by the new US administration on Iran. Brent oil was traded above $ 74 a barrel, after falling by more than 3% this week, while the West Texas Middle Raos dropped to below $ 71. Trump has introduced fees on all imports from China, and the country, which is the largest oil importer in the world on Monday, has received more reservation measures. The trade war, and the possibility of expanding, raised the fear that it would hinder the growth of the demand for crude oil and will lead to abundance later in the year. Trump also promised to increase US oil production and continue with the sanctions against Iran, which could limit the flow of the state member of the ‘organization of oil exporting countries’ (OPEC). Also read: The shares of shipping companies are rising after Trump promised to tighten the screws on Iran, a turbulent week in oil prices. The broader uses between the United States and China. “They added:” However, there are questions about the duration of these measures and the extent of the rigor of their application. ‘Crude oil has seen a turbulent week, as prices rose on Monday with the entry of the fees on Canada and Mexico – the largest foreign crude providers for the United States – put in effect, before being confronted with the postponement of a month. This decline brought the degree to the lowest level. concerns about the question of demand. Deeper than it should have been, as the relative power index approaches nine days of 30 points, indicating that oil is at the peak of the sale.