Oil prices settled with an assessment of the effects of the trade war on demand expectations

Oil prices stabilized today, Wednesday, amid a state of uncertainty due to the changes in American commercial policies, while the markets have valued the potential impact of the trade war between America and China on economic growth and energy demand.

Brent crude futures rose 5 cents, or 0.1% to $ 64.72 a barrel by 03:00 GMT, while Texas crude rose 3 cents, or 0.1% to $ 61.36. Both the two standards fell 0.3% yesterday, Tuesday.

The International Energy Agency expected yesterday the growth of global oil demand to grow in 5 years in 2025, and that the increases in America’s production will also diminish due to the customs duties imposed by President Donald Trump on his commercial partners and their reprisals.

It also expected that the global demand for oil this year will rise 730 thousand barrels per day, in a sharp decrease from 1.03 million expected last month, and this reduction would exceed that, which was expected by the Organization of Petroleum Exporting Countries (OPEC) on Monday.

The CEO of Emuri Fund Management Company Titsu Emory said: “Just as the International Energy Agency explained, the growth growth is likely to remain modest, and that the imbalance between the supply and the global demand for crude oil casts its weight on the market.”

“If the stock market – currently exposed to pressure from customs duties – we may witness an increase in oil prices, West Texas Intermediate crude is more than $ 65. But without this support, the prices are likely to remain in the range of $ 60.”

Fears about the escalating customs duties imposed by Trump, in addition to the high OPEC+production, have led to a decrease in oil prices almost 13% so far this month.

Trump raised customs duties on Chinese goods to very high levels, prompting Beijing to impose retaliatory fees on American imports in a commercial war that escalates between the two largest economies in the world, which markets fear to lead to global recession.

Meanwhile, market sources quoted the numbers of the American Petroleum Institute yesterday that US crude oil stocks rose 2.4 million barrels in the week ending April 11, while gasoline stocks fell 3 million barrels, and the distillation products came out 3.2 million barrels.