Oil prices fluctuate amid the expectations for the postponement of customs duties

The prices of oil futures were exerted in Thursday’s dealings after it decreased to its lowest levels since December, in light of the expectations of the postponement of the application of the new rules announced by US President Trump for a long time, which instead of the impact of the risks that threaten Russian oil supplies in global markets.
The Bloomberg News Agency reported that the West Texas West Mediterranean Crude for American Oil fell to less than 70.25 dollars a barrel before he recovered its losses and is being circulated by about 71 dollars a barrel, with the announcement of the signing of US President Donald Trump a plan to impose customs duties likewise on all countries of the world, then the issuance of reports. About the possibility of postponing the application of the plan for a long time, and the possibility of exempting countries from them, which reduced concerns about its effects on energy demand in the United States.

Oil prices

A White House official said that the customs duties imposed by other countries on their imports and support provided for their industries and organized regulations and the possibility of reducing the value of local currencies, will be among the provisions that the Trump administration will use to determine the fees that it will impose.
He added that the necessary reviews to determine customs duties can be completed within weeks or a few months.

Global oil market

This comes while the attention of the world is turning to Russia after the recent US sanctions on the Russian oil trade have stopped a large number of Russian crude tankers, which enhances the importance of measures for sanctions on Russia in any negotiations on ending the war in Ukraine.

According to the data of the Bloomberg News Agency, about 60%, or 94 carriers out of 154 tankers of the operating tankers included in the administration of the former US President Joe Biden in the black list last month for its involvement in the Russian oil trade, stopped transporting crude to Russia or any other party, while Seven other carriers were under construction or in the marine trial stage, which means that Russian oil supplies decline to global markets.
By about twelve o’clock in the afternoon, New York time, the price of West Texas Intermediate crude stabilized at the level of 71.31 dollars a barrel next March, while Brent crude for global oil fell by 0.3% to 75.10 dollars a barrel delivery next April.