Oil prices are still falling amid intense trade conversations with the Trump administration

Oil prices dropped on the third session, with the intensification of the rate of talks between the United States and its trading partners before the deadline next week. Brent -rough traded below $ 69 a barrel, while the US Western Texas -Tussentage rough finished about $ 67. Negotiators of the European Union and the United States are on their way to another week of intensive discussions, in an effort to reach a trade agreement before August 1, the date on which US President Donald Trump threatened to set customs by 30% on most of the groups. “With the approaching customs duties, the risks are after the disadvantage,” said Warren Patterson, head of the ING group, adding that “the expectation of an oil market is more plentiful later in the year in supplies, the view that there is a further decline in prices.” Also read: Europe is planning to respond to the US drawings with Trump’s attitude to tighten new European sanctions and alternate in the positions of the Allies at the end of last week. The European Union has agreed on a new sanction package against Moscow, which includes lowering the ceiling of Russian prices for crude oil, which imposed restrictions on refined fuel from Russian oil, and a ban on a large Indian refinery. The UK joined these efforts, while the United States did not follow its example. US Treasury Secretary Scott Besent said the next round of talks with China could include the discussion of Beijing’s purchases of Russian and Iranian oil, which could impede the progress of negotiations, as Russia is the largest source of crude oil to China. Pesent added that Washington is more likely to follow a strategy based on customs duties, so it imposes high definitions on countries that buy Russian energy, and note that China and India are the largest Moscow oil buyer. Increasing pressure on prices, although Brent prices have taken a bullish trend this month, they have been by more than 8% low since the beginning of the year, amid the fear that Trump’s commercial war will lead to a decline in consumption, at a time when the “OPEC+” coalition increases the supplies. Prices are also influenced by the ongoing developments in the Middle East, as well as the expansion of sanctions imposed on crude oil from producers such as Russia and Iran. *Prices have been updated to reflect the reality of the market