High oil prices with the market focus on the developments of the customs duties crisis

The prices of crude oil futures in Asian transactions increased today, Tuesday, after its stability in yesterday’s session, and dealers monitor the latest American moves on customs duties and the possibilities of US sanctions on Iranian crude.
Bloomberg News reported that Brent crude was circulating about $ 65 a barrel, an increase of 0.2% from its level yesterday, while the price of the Standard West Texas West Petroleum Crude near 62 dollars a barrel.

Oil prices

The American stock market regained a quiet of calm yesterday, as stock and bond prices rose after a turbulent week as a result of US President Donald Trump’s policy on customs duties.
Huang Wanchi, Economist at Dadi Futures, said that the morale of the macroeconomic economy has been settled at the present time, while crude oil is moving on a slow path towards recovery.
With the application of the first wave of pricing in the light of customs definitions to a large extent, the markets are now preparing for the next stage as the focus turns into the actual impact on demand with the escalation of trade war, unless there is no change in policies.
It is noteworthy that oil prices fell by about $ 10 a barrel during the current month, as the trade war raised fears of the recession of the global economy, which will harm the demand for energy, especially in the United States and China, the two largest energy consuming states in the world.
These agencies prompted agencies to reduce demand expectations and analysts to reduce price expectations, with the possibility of a vulnerability in the supply as a result of the sudden OPEC+ decision to reproduce at a faster pace than expected.
On the geopolitical level, the United States and Iran held nuclear talks early this week, and the two parties described it as constructive.
The two sides are scheduled to meet again early next week, which increases the possibility of increasing oil production from the member state in OPEC.
By seven and 17 minutes in the morning, London time, Brent crude rose by 0.2% to $ 65.02 a barrel delivery next May, while the price of West Texas Intermediate crude increased by 0.3% to $ 61.70 a barrel delivery next May.