The day started with an increase in the price of oil, that is the price rose to almost $70. As a result of this, it was seen that the interplay in the share market was lower than normal. Oliver Jakob, a senior oil analyst at Petromatrix have explained that the high’s of the year 2018 is to be re-tested again.
With this, on one hand, the US president Donald Trump has threatened to revoke a treaty that was signed in the year 2015 with Tehran. On the other hand, it is seen that China increased its tariffs by 25%, but then again this increase is only seen for US products and then again the tariff came to be active from this Monday only.
In January 2016 the price of oil was seen to be at an all-time low of $27. But then again with the help of production cuts by the Organization Of Petroleum Exporting Countries and Russia as well the price is expected to rise till the end of 2018.