The Brent crude – reference for Argentina – dropped $ 1.08, or 1.5%, to $ 69.28 a barrel, and the West Texas intermediate in the United States retreated $ 1.01, or 1.5%, at $ 66.03.
Oil fell strongly due to effect
Oil prices fueled this Monday by The fear that American tariffs to Canada, Mexico and China slow down economies around the world and reduce energy demandwhile the OPEC+ increases its offer.
The Brent crude -reference for Argentina – It dropped $ 1.08or 1.5%, to $ 69.28 a barrel, and West Texas Intermediate in the United States retreated $ 1.01, or 1.5%, $ 66.03.
The WTI closed its seventh consecutive week of casualties on Friday, its Longer loser streak since November 2023, while the Brent It fell for the third week in a row.
The protectionist policies of the president of the United States, Donald Trumpthey have stirred the markets around the world, imposing and then postponing the imposition of tariffs on their largest oil suppliers, Canada and Mexico, while also raised the taxes on Chinese products.
China and Canada They responded with their own tariffs. “This market is in embers and there is much to process as we advance “, said John Kilduff, a partner of Again Capital in New York. “There is talk of recession in the United States and is very worrying for the macroeconomic panorama.”
During the weekend, the US Secretary of Commerce, Howard Lutnick, He said Trump I would not loosen the pressure on tariffs to Mexico, Canada and China.
Investors are now worried about a possible economic slowdown that could stop oil for oil.
Other factors that weigh on oil are the fear for the growth of the United States, the possible lifting of Washington’s sanctions against Russia and the increase in the pumping of the group of OPEP+producers, said Tony Sycamore, an Ig analyst.
Trump is also trying to drown Iranian oil exports as part of his efforts to press the country to stop his nuclear program. Iranian Supreme Leader, Ayatollah Ali Jamenei, said on Saturday that his country will not be intimidated in negotiations.
Later in the week, investors will evaluate the monthly reports of the International Energy and OPEC Agency to learn about supply and demand forecasts.
Source: Ambito
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