Oil dives 7%, settles at lowest in over 3 years on China's retaliatory tariffs
Oil prices plunged 7% on Friday, settling at their lowest close in more than three years, as China ramped up tariffs on U.S. goods, sharply escalating a global trade war that has investors worried about a recession.
China announced it will impose additional tariffs of 34% on all U.S. goods from April 10. Nations around the world have readied retaliation after Trump raised tariff barriers to their highest in more than a century.
Commodities including natural gas, soybeans and gold also dived, while global stock markets tumbled. Investment bank JPMorgan said it now sees a 60% chance of a global economic recession by year end, up from 40% previously.
Brent futures dived $4.56, or 6.5%, to settle at $65.58 a barrel, while U.S. West Texas Intermediate crude futures lost $4.96, or 7.4%, to settle at $61.99.
At the session low, Brent fell to $64.03 and WTI hit $60.45, the lowest in four years. Brent posted its biggest weekly losses in percentage terms in a year and a half, while WTI posted the biggest decline in two years.
Source: Reuters
