Oil prices fall amid commercial tension and federal decision on interest

Oil prices fell after Jerome Powell, president of the US Federal Reserve, said officials did not feel the need to adjust interest rates, and with the continued tensions between the United States and China before expected trade negotiations. Brent -Ru -Terma contracts drop by 1.7% to settle at $ 61.12 a barrel, and the crude contracts “Western Texas” fell by 1.7% to resolve near $ 58 a barrel, as federal expectations and commercial conflicts for economic growth and energy demand affected. US President Donald Trump said he was not ready to reduce customs duties on China, the largest importer of crude oil in the world, as a good gesture to start fundamental trade conversations. His comments come a day before a definite meeting between Treasury Secretary Scott Besent and commercial actor Jameson Ghrir with Chinese officials in Switzerland. In the United States, the Federal Reserve kept interest rates unchanged at the meeting Wednesday, and Powell pointed out that customs duties could lead to high inflation and unemployment. “There is fear that trade negotiations in Switzerland will lead to inverted results with China, and to turn into an event that destroys demand.” He added that the market feeling is that reducing interest is not an imminent prices. Oil prices will decline since the end of January due to the escalation of commercial tension and OPEC+coalition plans to keep pumping the suspended supplies. Trump’s statement added that the United States will stop its air campaign against the Houthi’s in Yemen after a ceasefire with the sultanate of Oman was reached to pressure prices. This came after statements to Vice President JD Vans, in which he indicated that the achievement of a nuclear agreement with Iran could lead to the reintegration of the Member State of the ‘Organization of Oil Exporting Countries’ (OPEC) in the global economy. Diamondback Energy, the largest independent oil producer in the Bramean Basin, expected the fall in prices to lead to a decline in the US shale production. In an additional reference to the impact of the decline, the US Energy Information Administration has reduced its expectations for the production of crude oil this year for the second month in a row.