Oil decreases for the second day amid the development of US commercial policy

Oil prices have dropped for the second consecutive day, with traders accommodating a rush of news headlines on US commercial policies, including a decision of the Court of Appeal that enables US President Donald Trump to temporarily continue the imposition of mutual customs. The price of ‘Brent’ crude oil dropped to below $ 66 a barrel, while the West Texas dropped RAW to about $ 65. In another context, the United States and China were reduced of tension, after agreeding with a mechanism to implement the consensus they reached in Geneva during previous discussions. Stress on RU prices, the fall in oil this year, with the offensive commercial policy pursued by the Trump administration to disturb the prospects for growth in the global economy, and undermine the appetite of investors to risky assets, including basic commodities. At the same time, the OPEC+coalition strengthened its production faster than expected, which increased the fear of a surplus in supplies later this year. “When we enter the third term, we expect prices to test the minimum range between $ 60 to $ 65, with the risks to drop to below $ 60 as we approach the fourth quarter,” says Robert Rene, head of goods and carbon research at Westpac Banking Corp. Meanwhile, the initial estimates in the sector showed that US crude shares fell by about 400,000 barrels last week. If it is confirmed later Wednesday by the upcoming official data, the third weekly refuge in a row will be registered in shares. Parts of the oil futures curve are still in a condition, a falling pattern characterized by trading in the nearest contracts for a deduction compared to the longest futures. The difference between Brent contracts for the next December delivery and those owed in December 2026, about 39 cents.