Oil prices are on the way to score the biggest weekly loss since June

Oil prices are registering the biggest weekly loss since June, with the evaluation of traders that the United States’ efforts to end the war in Ukraine will not affect the supplies, not even with Washington who imposed sanctions against India due to the import of crude oil from Moscow. Brent rough is trading nearly $ 66 a barrel this week, while the West Texas West Raw has dropped to below $ 64. US President Donald Trump, who set a deadline to Friday to Moscow to agree to a ceasefire, said he was ready to reach his Russian counterpart, Vladimir Putin, even if the last time was not the meeting with Ukrainean President Volusimir Zellins. Punishment India to buy Russian oil earlier this week, Trump doubled the customs duties on all Indian imports to 50% as a punishment for the country’s purchase of Russian crude oil, which asked the local government’s refined businesses to withdraw purchases and look for alternative sources. Treasury Secretary Scott Besent said that the United States could also impose fees on China at some point if asked about countries that buy energy from Moscow. Also read: Analysts: Trump fees by 50% can reduce the growth of India by 1% and oil prices dropped three months after the profits in August. Investors are preparing for the possibility of a surplus in supply later this year, at a time when the “OPEC+” coalition agreed to reduce restrictions on supplies. Trump’s policy is the pressure on the US economy at the same time, rough futures have been influenced by indicators to delay growth in the largest economy in the world, as Trump’s broader commercial fees have affected economic activity, which poses a threat to energy demand. “The positive signals of the United States and Russia are talking this week, and a direct meeting has planned a direct meeting between Trump and Putin, the fear of the failure of Russian supplies, which led to a significant decline in geopolitical risk sobbonuses,” said Gao Mingio, SBIC Essen’s futures. She added that the market could possibly move to more pessimistic morale, powered by the basics of offer and negative request, with the end of the high season approaching. The Brent -rough difference, which is the difference between the two nearest decades, shows that the market conditions have become less intense in the short term. This indicator, which clients looked at, reduced wide to 53 cents a barrel in a condition, compared to a difference of more than one dollar a barrel a month ago.