This is evidenced by the data of exchange trading on the website Investing.com.
September futures for Brent on the London Stock Exchange ICE Futures went up by 1.37 dollars (2.26%) – to 61.87 dollars per barrel. At the auction on Thursday, the price fell by $ 4.55 (6.99%) and was at the close of $ 60.5 per barrel.
The cost of WTI futures for September at the New York Mercantile Exchange (NYMEX) electronic session increased by this time by $ 0.95 (1.76%) – to $ 54.90 per barrel. At the previous auction, WTI fell by 4.63 dollars (7.9%) to 53.95 dollars per barrel.
Analysts attribute the increase in oil prices to the statement by the President of the United States, Donald Trump, who on Thursday, August 1, promised to introduce new duties in the amount of 10% for imported goods from China worth $ 300 billion a year.
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"The United States will begin on September 1 to introduce small additional duties of 10% on other goods coming from China to our country, worth $ 300 billion," Trump wrote on Twitter.
The escalation of the US trade war with China confirms the worst market fears of fuel oversupply, experts say; if the situation worsens, OPEC is expected to see a new production cut.