US tariffs’ impact puts pressure on oil prices
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US tariffs' impact is now affecting the oil industry, with oil prices plummeting and potentially influencing the economies of the world's three largest producers: Saudi Arabia, Russia, and the United States. While U.S. oil market does not have a significant weigh on the country’s economy, unlike Russia and Saudi Arabia, the downturn is still notable.
Analysts predict that the downward trend will continue, at least as long as the current challenging economic climate, driven by U.S. foreign and trade policies, persists. Following April 9th spike — after the announcement of tariffs’ suspensions — oil industry prices have resumed their decline, reaching levels so concerning that they discourage any proposals to expand oil production.
Analysts predict that the downward trend will continue, at least as long as the current challenging economic climate, driven by U.S. foreign and trade policies, persists. Following April 9th spike — after the announcement of tariffs’ suspensions — oil industry prices have resumed their decline, reaching levels so concerning that they discourage any proposals to expand oil production.