Oil closes stable with fire commercial negotiations

Oil prices closed almost stable on Wednesday, with investors who evaluated the evolution of trade between the European Union and the United States, after President Donald Trump has reached a tariff agreement with Japan.

Brent’s Futuures decreased by 0.12%, at $ 68.51 per barrel, while the future intermediate oil of the US Texas have decreased by 0.09%to $ 65.25 per barrel.

On Wednesday, the EU authorities said they moved to a commercial agreement with Washington that would have involved a large 15% rate on EU products imported to the United States, avoiding a more serious rate of 30% which should be implemented since 1 August.

A few hours earlier, Trump said that the United States and Japan had closed a commercial agreement that would reduce the rates on cars imports and saved Tokyo from new punitive taxes on other products, in exchange for a package of 550 billion dollars in investments and loans connected to the United States.

“The commercial agreement with Japan could be a model for commercial agreements with other countries,” said Andrew Lipow, president of Lipow Oil Associates. “On the other hand, the market is still worried about the possibility that the United States will reach an agreement with the European Union and China”.

The European Commission has scheduled to present a counter of over 93 billion euros ($ 109 billion) of US products for the approval of EU members. Thursday there is a vote, although no measure is imposed until August 7th.

Both reference contracts decreased by about 1% on Tuesday after the EU said it was taking into consideration a contract against US tariffs.

Source: Terra

Rose

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