….. US-China Tariff War Escalates
Global crude prices on Wednesday crashed by 6 percent.
Data from OilPrice.com indicated that WTI crude futures slumped by around $4.01 to $56.06 per barrel, while Brent tumbled to $59.33 per barrel.
The drop, which is the lowest crude price decline since February 2021, comes as US President Donald Trump confirmed the 104 percent tariff on Chinese imports.
In a tit-for-tat, China slammed 84 percent on US goods in response to Trump’s tariff.
The tariff war between the US and China had sparked concerns among traders, worried that the world may descend into a full-blown trade war that will trigger a recession, hitting crude oil demand.
