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Oil prices have plummeted to their lowest levels since February 2021, with Brent futures down 3.34% to $60.72 a barrel and WTI down 3.42% to $57.54, amid escalating US-China trade tensions and increased supply forecasts. The implementation of Trump's tariffs has raised concerns over global economic growth and fuel demand, while OPEC+ plans to increase output further exacerbate the situation. Despite a slight decline in US crude inventories, fears of a prolonged trade war threaten China's oil demand growth, potentially impacting the market significantly.
Oil prices plummeted to a four-year low, marking the worst five-day drop since 2022, as escalating trade tensions between the US and China raised fears of a global recession. The US imposed significant tariffs on Chinese goods, prompting retaliatory measures from China and causing a sharp decline in commodity prices, including copper and iron ore. While China's oil demand growth is at risk, potential domestic stimulus could help mitigate losses.
Ye Lin
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
oil prices plunge to lowest since february 2021 amid trade tensions
13:40 09.04.2025
oil prices plunge amid escalating us china trade war tensions
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08:48 09.04.2025
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