Investors fear that will not meet with trump Jinping, and earn U.S.-China duties
Oil futures are getting cheaper on the morning of February 11: Brent 0.77% (up to $61,62 per barrel), and the American WTI — 1.21% (up to $52,08), told Reuters. It analysts attribute the price movement with increase in the number of drilling rigs in the USA, and also with the fall of the financial markets because of fears for world trade.
The trade situation was actively discussed by investors and last week, putting pressure on stock and commodity markets.
“The US President Donald trump said that already discussed in the media his meeting with Chinese President XI Jinping, which could be concluded a trade agreement, not yet assigned. CNBC, and even stated that before the deadline of March 1 meeting trump and XI Jinping would be unlikely. Thus, from the beginning of spring is likely to increase mutual trade duties the two largest global economies,” said analyst GK Forex Club Ivan Marchena.
That prior to drilling, their number grows for the second time in three weeks. According to Baker Hughes, the total number of installations increased by 7 and reached 854. From what we can predict the total increase in oil production.
Analysts believe that if not for the sanctions against Venezuela and its oil company PDVSA, the price of black gold could SAG even more.