Why did crude oil prices fall today

Why did crude oil prices fall today

On Thursday, May, US Secretary of Commerce Why did crude oil prices fall todayRoss formally announced a 25% tariff on steel from the European Union, Canada and Mexico, and a 0% tariff on aluminum. Steel and aluminum tariffs will take effect at midnight on May, Washington time.

Nonetheless, Trump said on Thursday that he hopes to resolve the issue peacefully as the United States exerts economic pressure on Pyongyang, and even holds another summit with Kim Jong Un in the future. He said that no one should feel anxious and we must do things well.

The Indian government said this month that it will continue to buy Iranian crude oil in the month. Two Indian oil companies have placed orders for a total of 9 million barrels. India’s Oil Minister Pradhan said that as the world’s third largest oil importer, India is not

A Bloomberg survey showed that crude oil traders and analysts are optimistic about the trend of US crude oil prices next week. Of the 9 traders and analysts surveyed, 5 were fair, 8% were bearish, and 29% were bullish.

In addition, the U.S. shale oil production has also begun to slow down, and in recent months, the U.S. shale oil production has slowed more than expected. The crude oil market may be in short supply. In this regard, EnergyAspects chief analyst Senja AmritaSenvia believes that when entering the fourth quarter of this year, oil prices may rise to more than $80, or even more than $90. But the most important thing is how much Iran's oil production will decline due to sanctions. Finally, Senja predicts that by the end of this year, Iran’s daily oil production will drop by 200,000 to 500,000 barrels from the peak level in April.

Both Nigeria and Libya are members of OPEC. Both countries will hold elections, and the crude oil production of these two countries has also been very unstable recently. Royal Bank of Canada said that the situation in these two countries will play a very important role in the oil market. Moreover, the supply of these two countries mWhy did crude oil prices fall todayay drop by 500,000 barrels per day in stages, and the situation of the two elections will put oil prices facing a greater test.