Oil prices at the lowest level this year amid the fear of the abundance of offer

Oil prices have dropped to their lowest levels this year, after Bloomberg said that “OPEC+” will pump some stop production again, a sudden decision that could increase the expectation of a global surplus in the show. The Western Texas Raw has dropped by more than 2% stable at around $ 68 a barrel, and Brent rough has reduced the worldly dollars. One of the delegates at OPEC+said that the coalition led by Saudi Arabia and Russia will continue with an increase of 138,000 barrels per day in April. The limited repluggations have been postponed three times. US President Donald Trump has asked the coalition’s help to lower oil prices. Expectations indicated that the coalition would again postpone the pump from supplies to the market, amid the fear of a surplus in the later supply, and the estimate of energy demand in both the United States and China, the largest consumers of crude oil in the world. Trump’s commercial wars pressure on the market added commercial wars that US President Donald Trump threatened to suffer the market, which led to reducing trade volumes, and hedge funds stimulated to reduce the net long centers in US rough to the lowest level since 2010. The decision also influenced the shares of US energy producers, which could limit production in a market. The S&P 500 Energy Index fell by 3%. “It increases the possibility of US offer to reduce next year, with OPEC+ recovery for the market share,” says John Bern, an analyst at Statigas Securities. “However, OPEC+ additional supplies can help compensate for any retirement of the Iranian RU from the market as a result of the additional sanctions of the Trump administration.” The price of crude oil varied earlier in the session, while he was waiting for the markets to have clarity in Trump’s plans to impose customs duties on Canada and Mexico – its largest foreign oil providers – and to double the fees on China, increase steps that could increase the price of US RU and increase the cost of refineries. Meanwhile, Europe has chased time to formulate a plan for Ukraine in the wake of the clash between Trump and President Volodimir Zellinski, with uncertainty about the future of sanctions against Russian crude oil.