OREANDA-NEWSBrent crude oil on the basis of trading on Thursday, May 23, fell by 4.3%, follows from the data of exchange trading. Bidding opened at around $ 70.9 per barrel. Oil reached a minimum around 20:00 Moscow time, falling to $ 67.02 a barrel. Bidding ended at $ 67.95.

This is not the first such fall in the last week. So, on May 22, the price of Brent crude oil fell by 1.98%, to $ 70.72. Reuters then linked such dynamics with the ongoing trade war between Washington and Beijing, as well as with the report of the US Ministry of Energy on the growth of crude oil reserves in the United States.This, in particular, is about statistics: oil reserves in the United States for the week increased by 4.7 million barrels., Or 1%, to 476.8 million barrels. This level, experts concluded, was the highest since July 2017.

The trade war between the United States and China has continued since 2018. It began after US President Donald Trump introduced and increased import duties on a number of Chinese goods. In Beijing, they subsequently responded to Washington with mirror measures. In early 2019, it was expected that the parties would conclude a trade agreement, but in May, Trump said that China had broken the signing of this document at the talks. Subsequently, the American leader ordered the introduction of duties on almost all imports from China.Beijing, in response, also introduced additional tariffs on the importation of American goods.According to the Organization for Economic Development and Cooperation, due to the trade confrontation between Washington and Beijing, global trade growth will slow down by 0.4% by 2020.

In the US Treasury Department previously reported that the decision on new restrictions will not be taken another 30-45 days. This means that their appearance may coincide with the meeting of US President Donald Trump and Chinese leader Xi Jinping at the G20 summit to be held in Japan from July 28-29.