Global oil prices fell amid growing economic uncertainty, despite the recent conclusion of a trade agreement between the US and the EU. Investors are also awaiting the decision of the US Federal Reserve on the key interest rate. This is reported by Reuters. In particular, Brent crude futures fell by 6 cents (0.1%) to $69.98 a barrel. The price of American WTI fell by 11 cents (0.2%) and is $66.60 a barrel.
Both contracts ended the previous trading session with an increase of more than 2%. In addition, Brent quotes on Monday reached their highest since July 18.
According to the agency, although the trade agreement between the US and the EU provides for the introduction of a 15% duty on most European goods, it has avoided a large-scale trade war that could cover up to a third of world trade and reduce global demand for fuel.
In addition, the agreement provides that the European Union will purchase US energy for $750 billion over the next few years. Analysts note that the implementation of such obligations looks unrealistic. European businesses are also to invest $600 billion in the United States during Donald Trump’s second presidential term.
Analysts emphasize that, despite some relief for the markets, the details of the agreement remain vague: clear deadlines and investment commitments have not yet been determined, which only increases tension among investors.
