In the loss of price, US President Donald Trump announced that the increasing demand for announcements of the tariffs and 8 OPEC+ members increased production in May and driven its plans to remove production cuts.
On April 2, Trump referred to a press conference as “Day of Independence”. At a press conference, a general tariff of 10 percent for all imports in the USA is used, and some large trading partners, especially China, announced higher tax rates.
Although oil, natural gas and sophisticated product imports are excluded from new tariffs, the concerns that these guidelines have accompanied inflation, slow down economic growth and have put pressure on the prices.
In addition to the 10 percent general tariff for all imports, 54 percent China have increased fears before global recession. Experts assume that oil demand can become weaker due to the decline in industrial production and the decline in consumer expenses.
The goal of China, the world's largest importer, caused anxiety on the energy markets. Experts, new tariffs can lead to serious acceptance of the country's oil imports, he said.
Another development that feeds the negative price tendency was the decision to increase the plans to increase the oil supply of the Opec+Opec) and the allies (Opec) as well as the allies (Opec) and allies. Opec+increased its production increase in May by 135,000 barrels to 411,000 barrels in May.
OPEC+ Member 8 countries announced on April 3 that the production increases will be accelerated. The group, including Russia, decided in view of the increasing consumer and inflationary pressure due to rising fuel prices.
Technically speaking, Brente oil 71.38 USD, resistance, $ 67.83 can be followed as support.
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