Oil prices are declining after the International Energy Agency reduced the demand for demand growth

Oil prices fell today, Tuesday, after the International Energy Agency reduced the global demand growth forecast of a large margin against the background of trade tensions in the world.

By 12:00 GMT, Brent crude futures fell 0.42% to $ 64.46 a barrel. The US West Texas Intermediate crude fell 0.42% to $ 61.10.

Prices have recorded gains in early trading today, with the support of new customs exemptions announced by US President Donald Trump, and the recovery of Chinese crude oil imports in anticipation of the decrease in Iranian supplies.

Trump said he is studying the amendment of 25% customs duties on car imports and spare parts from Mexico, Canada and other countries.

His administration also announced on Friday that it will give exceptions from customs duties on smartphones, computers and some other electronic goods, most of which are imported from China.

However, the International Energy Agency later reduced the expectations for the growth of global oil demand for this year by 300 thousand barrels per day to 730 thousand barrels per day, due to the impact of the escalation of commercial tensions negatively on economic expectations.

The agency’s monthly report expected the slowdown of growth more next year to 690 thousand barrels per day; However, the risks that threaten these expectations remain in place due to the total economic background.