The appointment of Kudlo, chief economic adviser to Tramp, the election of Angela Merkel for a fourth term, and US plans to impose new tariffs on China. All of the above are developments in the political situation around the world that emerged as one of the major events in world markets by the end of Wednesday.
OPEC's monthly report also took an important place among investor concerns, with the release of the Organization's oil production volume for February as well as warnings about possible trade concerns.
Trade concerns have been revived on reports of US President Donald Trump's intention to impose restrictions on Chinese imports and investment as well as a British escalation of the spy crisis.
According to press reports, Trump is planning to implement trade decisions on China that include unspecified tariffs as well as restrictions on investments.
The White House announced that Larry Kodlo would be the chief economic adviser to Trump to replace Gary Cohen, who resigned after rejecting the tariff.
On the other hand, the biggest European economy has seen Angela Merkel win the post of Chancellor of Germany for the fourth time.
In a new escalation of the crisis between London and Moscow, British Prime Minister Theresa May decided to expel 23 Russian diplomats as a response to the poisoning of the former spy and his son.
OPEC warnings and inventory data
The latest in the black gold sector is preceded by the release of OPEC's monthly report, which revealed warnings from Trump's policy as well as weekly indicators on US stocks.
The Organization of Petroleum Exporting Countries (OPEC) said its output fell by 77.1 thousand barrels per day (bpd) compared to the previous month, led by Venezuela and the United Arab Emirates.
The report also warned against Trump's protectionist trade policies as it could reduce global economic growth and reduce demand for oil.
US oil production prompted OPEC to boost its estimate of overseas supply growth this year, up 1.66 million bpd from earlier forecasts.
In the inventory data, US oil inventories rose by 5 million barrels in the week ending March 9, while US gasoline inventories fell by 6.3 million barrels.
The US Energy Information Administration said that the US oil production recorded 10.381 million barrels per day in the same period compared to 10.369 million barrels per day recorded the week before.
Oil prices managed to move higher when the session settled up by 25 cents to close at 60.96 dollars per barrel.
Global Stock Market
During the Wednesday session, it was the red color that was covering the global stock exchanges due to renewed developments regarding trade concerns.
By the end of the session, US stock indexes fell to lose the Dow Jones 250 points with losses continued for the third day as the shares of "Boeing" to record the biggest weekly decline in nearly two years.
European shares ended lower, but the German index managed to rise on its own as a result of political calm following the election of Angela Merkel for a fourth term.
Japanese stock indexes also closed, with the Nikkei falling to 21,777 points.
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