Price falls

Tariff dispute slows demand for crude oil

The tariff dispute between the USA and other countries is slowing demand for crude oil. "New US tariffs, combined with escalating retaliatory measures, exacerbated macroeconomic risks", the International Energy Agency (IEA) announced on Thursday.

There are currently numerous uncertainties and a supply that exceeds demand on the global market. Oil prices have therefore fallen. A barrel (159 liters) of North Sea Brent crude for delivery in May cost 70.54 US dollars (approx. 65 euros) on Thursday. This is 0.5 percent less than the previous day. The price of a barrel of US WTI crude for delivery in April fell by 0.7 percent to 67.26 US dollars (around 62 euros).

In the current year, global oil supply is expected to exceed demand by around 600 million barrels per day, the IEA predicted. Concerns about the possible consequences of the new US government's tariff policy are currently influencing the oil market.

Gold price at new record high
The eight oil exporting countries, which had agreed on voluntary production cuts, want to turn the oil tap back on a little in a few weeks. 

The price of gold, on the other hand, rose to a record high on Thursday, reaching more than 2973 US dollars per troy ounce (31.10 grams). Global uncertainties are also likely to have contributed to this. "The expectation that US tariff policy will weaken the economy and thus prompt the Fed to cut interest rates is supporting the gold price," said Ole Hansen, chief strategist at Danish online broker Saxo Bank.

The tariff dispute between the White House and the Canadian government recently escalated. US President Donald Trump imposed tariffs of 25 percent on steel and aluminum imports, and Canada responded with counter-tariffs.