Crude Oil future continues to fluctuate even as President Donald Trump looks set to impose higher levies on two of the United States’ biggest suppliers; Canada and Mexico!
With China gearing up for countermeasures if the United States implements its planned threat to increase tariffs on Chinese imports, the battle for superiority and dominance is only just getting started!
As the US relies majorly on oil imports from Canada and Mexico for its refineries, the potential tariffs may have a complex effect on crude prices which by extension, may affect some oil-dependent economies including in Africa.
Attempts to broker an end to the Russia-Ukraine war added a different twist to the market last Friday, after Trump’s highly anticipated meeting with Ukrainian President Volodymyr Zelenskiy ended with a tense exchange! The two leaders failed to sign a deal that was set to make the US a major partner in extracting Ukraine’s oil and gas, as well as rare earth minerals.
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