Oil prices on international markets fell to their lowest level in over four years this morning. years, Reuters reported. This comes against the backdrop of investors' expectations for a decline in oil demand amid an escalating trade war between the world's two largest economies - the US and China.
ΠThe reason is that as of this morning, new additional tariffs - totaling 104% - introduced by the administration of US President Donald Trump, We pay interest in the US on Chinese goods.
European benchmark Wrent futures fell 1.94 dollars, or 3.09 dollars, to 60.88 dollars a barrel this week.
U.S. light cypress cattle for May delivery fell 2.01 dollars to 57.57 dollars per barrel.
Also appreciate the The two main oil prices hit their lowest levels since February 2021, Reuters reported.
Against this backdrop, US President Donald Trump signed an order aimed at increasing coal use, a request he made since taking office.
Coal-fired power plants in the US meet less than 20% of electricity consumption in the United States, which is half the value in 2000, according to data from the Energy Information Administration. Fracking and other fracking techniques have increased natural gas production in the country. The growth of solar and wind power has also contributed to the decline in coal use.
ΠElectricity consumption in the United States is increasing for the first time in two decades, driven by the growth of energy-intensive data centers for artificial intelligence, electric vehicles and cryptocurrencies.