Raw is more than the fears of the trade war

Futures of crude oil fell on Tuesday, adding severe losses to the fears that President Donald Trump Comprehensive definitions It will lead to a complete global trade war.

Raw USA Oil decreased 73 cents, or 1.2 %, to $ 59.97 a barrel, while the global standard Brent 1 dollar, or 1.56 %, decreased to $ 63.21 a barrel.

The American standard increased by 1.7 % earlier in the session, but it declined when it waved in the Trump tariff in the market. Prices have decreased by more than 15 % since last Wednesday when Trump announced the new round of import taxes.

Hemia Capital Markets, the global president of the commodity strategy at RBC Capital Markets, said the oil market faces a “poisonous cocktail” of recession fears due to Trump’s tariff and OPEC+ decision to return more barrels to the market.

“At the present time people are waiting for people to see if there is a possible slope of this commercial conflict,” CNBC told CNBC.

The US tariff in China is scheduled to rise to 104 % at 12:01 am on Wednesday, according to the White House. Beijing did not show any signs of retreat, pledged to “fight to the end.”

Treasury Secretary Scott Payette on Tuesday told CNBC that China plays a losing role.

“I think it was a big mistake, this Chinese escalation, because they play with a pair of twins,” Pesin said during an interview with CNBC. “Squawk box.” “What do we lose because of the tariff of raising the Chinese on us? We are exporting behind what they export to us, so that this is a losing hand for them.”