On February 7, oil prices rose slightly during Asian trading, but the general decline continued for the third week in a row. This is due to US President Donald Trump’s decision to resume the trade war with China and his threats to raise tariffs on other countries. informs enkorr.
Brent crude futures rose 32 cents to $74.61 a barrel, but fell 2.8% for the week. Meanwhile, U.S. West Texas Intermediate rose 24 cents to $70.85 a barrel, but lost 2.3% overall for the week.
“Oil prices steadied slightly this morning after a volatile session overnight as traders reacted to news of US sanctions on Iranian crude exports to China”, – noted IG market strategist Yep Jun Rong.
The US Treasury Department has announced new sanctions against several individuals and tankers involved in transporting millions of barrels of Iranian crude oil to China. In this way, Washington is gradually increasing the pressure on Tehran.
“However, (today’s) oil gains are limited, reflecting ongoing concerns about supply and demand headwinds, including the potential for OPEC+ and the US to increase production, as well as tariff risks impacting global oil demand.”, Rong added.
