Oil prices have fallen due to fears of increased OPEC+ production and rising tariff tensions that threaten the global economy. This is reported by Reuters.
Brent fell by 0.4% to $65.40/barrel, and WTI fell to $63.16/barrel. The market corrected after a jump on Tuesday caused by fears of supply disruptions from Canada due to forest fires and the disrupted nuclear talks between Iran and the United States.
“The market is trying to maintain growth despite the risks from OPEC+ and trade,” said Tsuyoshi Ueno, an economist at NLI.
Despite hopes for talks between Joe Biden and Xi Jinping, investors are taking profits amid pessimism that has intensified after the OECD lowered its global growth forecast.
Canada: about 350,000 barrels per day of production is suspended due to fires. This is more than three quarters of the volume that OPEC+ wants to bring to the market in July.
Experts also note signals of a slowdown in the global economy, which affects oil demand expectations.
