Oil prices fell again despite Donald Trump’s statement on a pause in tariffs. This is reported by Reuters.
Brent futures fell by $0.77 and traded at $64.71 per barrel. American WTI fell by 0.65 to $61.70. Donald Trump introduced a 90-day pause in tariffs for most countries. The US president also increased tariffs on China to 125%.
Journalists note that pressure from Beijing, which introduced an 84% tariff on American goods, may hinder China’s growth prospects. Markets are reacting not only to trade risks. In the US, oil inventories increased by 2.6 million barrels in a week. This is almost twice as much as forecasts.
Background. Earlier, Mind reported that the Chinese currency fell to its lowest level since 2007. The yuan is now worth 14 US cents per unit.
