Oil is rising after a US court stopped implementing Trump’s mutual fees

Oil prices rose in parallel with the American stock markets, after an American commercial court ruled to stop the mutual fees imposed by President Donald Trump, considering it illegal, as Brent crude rose about 66 dollars a barrel after he rose 1.3% the previous session, while the “Texas” crude exceeded the barrier of $ 62 a barrel.

The wide fees imposed by the Trump administration, and the revenge measures of the targeted countries, have sparked unrest in the global markets, and fears of economic slowdown, the Trump administration will appeal the ruling, which was suspended the vast majority of fees, including the high rates imposed on China.

The eyes are heading to the “OPEC+” meeting

Oil prices have turned towards the decline since mid -January, amid fears of the repercussions of Trump’s fees, while the return of stopping production by the “OPEC+” countries contributed to increasing the selling pressure, as major members of the coalition are scheduled to meet on Saturday to take a decision on the production policy for the month of July, amid expectations of a significant increase in supplies.

The head of the research department at Bieber Stone Group, Chris Weston, said, “It is clear that the market has received news headlines as positive in the short term for risks,” adding that traders “are still fully aware of the dynamics taking place on the offer at OPEC+”.

In a related context, the American Petroleum Institute reported that crude stocks fell 4.2 million barrels during the past week, according to a document seen by Bloomberg. Official data is expected to be released later today.