Oil declined with global stocks and other risky assets. Concerns of customs tariffs and other economic measures in the United States will adversely affect growth, led to investors to avoid risk.
Brent fell to $ 69 per barrel after losing 1.5 percent on Monday, while the US crude oil fell below $ 66. US President Donald Trump’s determination to increase customs tariffs and geopolitical developments accelerated the escape of investors from risky assets by increasing economic uncertainty in the markets.
Oil has declined by about 20 percent since the peak point it reached in mid -January. Tax threats of Trump administration and federal expenditure plans to reduce the economic appearance in the United States, the world’s largest oil manufacturer and consumers. Other factors that trigger the decline in oil prices include plans to increase the production of the OPEC+ group and decreasing demand in China.
Meanwhile, US Energy Minister Chris Wright said Trump administration is ready to implement Iran’s sanctions on oil production strictly.
Managers of the world’s leading oil and natural gas manufacturers; Chevron, Shell and Saudi Aramco, including the conference at the conference, President Trump’s full support for energy policies, he said. Vitol Group CEO Russell Hardy, on the other hand, foresee that oil prices would be at a “reasonable öygulam level between $ 60 to 80 dollars per barrel.
