Oil settles down over 3% as investors reassess Trump’s tariff flip

By Sharq Khan

(Reuters) -Oil prices stabilized by more than $ 2 a barrel on Thursday, when they wiped the last session gathering, as investors re -stopped the planned to collect the American customs tariff and focus into a deep trade war between Washington and Beijing.

Raw raw materials in West Texas decreased $ 2.28, or 3.7 %, to settle at $ 60.07 a barrel. Brent crude futures decreased $ 2.15, or 3.3 %, to $ 63.33 a barrel.

Both decades gained more than two dollars a barrel on Wednesday after US president Donald Trump stopped the heavy tariffs he announced against dozens of American trading partners a week ago, which represents a sudden lack of 24 hours after the valid.

However, at the same time, Trump raised the definitions against China. The White House told the media on Thursday that the American customs tariff for Chinese imports now reached 145 %.

China has announced an additional import tax on American goods, and a 84 % tariff.

The high customs tariffs against China are likely to drive crude imports in the United States by Beijing, which supports and raised storage levels in the United States, and trading RitterBusch and Associates trading to customers on Thursday.

Data from the KPLER ship ships showed that crude oil exports in the United States to China decreased to 112,000 barrels per day (March), nearly half of 190,000 barrels last year.

“If these commercial conflicts continue for a longer period, the global economy is likely to suffer from significant economic damage,” said Henry Hoffman, co -director of the Archives Governorate at the Energy Infrastructure Fund.

government data in the United States showed that crude stocks in the United States increased by 2.6 million barrels last week, nearly a twice an increase of 1.4 million barrels in a Reuters poll.

Macquarie analysts said on Thursday that they expect another construction this week.

The United States is also advancing with a 10 % tax on all its imports.

On Thursday, the US Energy Information Administration reduced the expectations of global economic growth and warned that the customs tariff could significantly affect oil prices, as it reduced the demand for demand for American and international oil for this year and micrud. [EIA/M]

“The expectations that depend on the customs tariff for low demand amid the possibility of the continued American recession will remain at the forefront and the average trading concerns in maintaining a cover most likely to gain gains in the short term,” said Richterouche and Shochets.

(Participated in the reports of Shark Khan and Arienima Kumar; additional reports from Ahmed Ghadar and Weslin Leer; edited by Emilia Citol Matters, Kirsten Donovan, David Evans and Mark Porter)