Oil prices keep the escalation of commercial tension and the decrease in risk appetite

Oil prices stabilized after US President Donald Trump’s increase in the trade war, as its threats to impose customs duties by 30% on the commodities coming from the European Union and Mexico affected the appetite for risks and prospects for energy demand. Brent -Ruola did not see a significant change and remained above the $ 70 a barrel after scoring 3% profits last week, while the Western Texas -Tussentage crude exceeded the $ 68 level and the futures for US stock indicators fell following the new threats, which followed the US trading. Julian Mattonier, an economic analyst for oil markets in “Energy Intelligence”, sees the markets that are currently stable as if they are in anticipation until the US newspapers for customs duties are revealed and then move. He said the growth of growth seems to be healthy due to the high season of the summer journey, and explains that this growth in the last quarter of this year can be affected as a result of the maintenance of the refinement facilities, and that the increase in production expected in ‘OPEC’ in September will lead to a surplus in the question of demand. He was watched at the same time for Trump’s position over Russia. Investors are awaiting an ‘important statement’ that Trump promised to Russia later on Monday, and he may handle the war in Ukraine and the policies of US sanctions. For that, the president announced to reporters on Sunday that Washington will send more weapons to Kiev. The oil futures are still by more than 5% low since the beginning of the year, at a time when the market goes through a complex phase. The geopolitical tension in the Middle East subsided after the conflict between Israel and Iran, which pressed prizes, while the US trade war had escalated amid a wave of new threats of Trump. On the other hand, the “OPEC+” alliance accelerates the recovery of some supplies already focused on it, which has increased the fear of the possibility of evaluation in the supplies. United Arab Emirates Minister of Energy and Infrastructure, Suhail Al Mazrouei, responded to these concerns in previous statements to “Al Sharq”, saying: “Skepticism continued from the beginning … We always say we are closest to the market, and we are the ones who sell it … and if this group (OPEC+) does not know, I do not know.