Oil prices on international markets fall

Oil prices fell on international markets in the vicinity of 68 dollars, due to investors' fears that the trade conflict between the US and the European Union could impede economic activity and energy demand.

At the London market, the price of an oil barrel in the afternoon was lower for 87 cents compared to closing trade the day before, reaching 68,68 dollars.

In the American market, a barrel of deadlines in August cost the last day of trade $6,32, or 88 cents less. While the September delivery barrel was traded at a price of 52 cents lower, of $65,43.

Businessmen on Tuesday focused on approaching the deadline for reaching a trade agreement between the EU and the US. US President Donald Trump's cabinet warned that, if the deal is not reached, it will decide on August 1st the 30 per cent customs tariff for the import of goods from the EU.

On the other hand, the EU is looking into a series of possible rebuttal measures, as the likelihood of an acceptable agreement with Washington is fading, according to European diplomats.

Oil prices, meanwhile, were given support Tuesday from the weakening of the US dollar, meaning greater purchasing power for investors using other currencies and promoting demand.

Prices dropped “as fear of a trade struggle prevailed over the support of a weaker dollar”, Tony Sycamore of the IG wrote in a note. The biggest drop in oil prices also prevented higher margins due to lower reserves, analysts note.

The Organisation of Exporting Oil Countries (OPEC) announced separately that the price of a barrel from its members' oil basket on Monday fell by 32 cents to 70,65 dollars./Periscopi/