Oil rises 0.2% thanks to American fees exemptions

Oil prices witnessed a slight increase at the settlement today, Monday, as Brent crude futures rose 0.2% to $ 64.88 a barrel, and the US West Texas Intermediate crude futures rose three cents to reach $ 61.53 a barrel.

The rise in part is the exception of some electronic products from American customs duties and the increase in China’s imports of crude oil in March by 5% compared to the previous year, supported by increasing shipments from Iran and Russia.

Despite the slight increase, fears remain a slowdown in global economic growth and its impact on fuel demand due to the trade war between the United States and China.

Brent and West Texas crude lost about $ 10 a barrel since the beginning of the month, prompting analysts to reduce their expectations regarding oil prices.

In its monthly report, OPEC expects the global demand for oil by 1.30 million barrels per day in 2025, which is a decrease of about 150 thousand barrels from last month estimates, as a result of customs duties.

Goldman Sachs will expect that the average price of Brent crude will reach $ 63 a barrel, and West Texas Intermediate crude is $ 59 a barrel for the rest of the year, while the USS Bank reduced its forecast for the price of Brent crude $ 12 to $ 68 a barrel, expecting that West Texas crude will trade at $ 64.