Oil Prices Steady After Sharp Drop on Trade War Fears
Oil prices fell the most this week as investors weighed the latest abrupt shift in U.S. trade policy and its impact on demand in China, the world’s largest crude importer.
West Texas Intermediate crude was steady around $60 a barrel after dropping 3.7% on Thursday, while Brent ended the session around $63. A selloff hit stocks, bonds and the U.S. dollar as fears of a global recession gripped Wall Street.
Oil prices have fallen more than 15% this month as an aggressive U.S. tariff push has sparked warnings of a global recession that would hurt energy demand. Oil prices rebounded on Wednesday after President Donald Trump announced a 90-day halt to higher tariffs on dozens of countries, but he has since raised duties on China to 145%.
The U.S. on Thursday lowered its forecasts for domestic production and global oil demand growth, in projections made before Wednesday’s tariff news. WTI for May delivery was little changed at $60.11 a barrel at 6:41 a.m. in Singapore. Brent for June settlement closed 3.3% lower at $63.33 a barrel on Thursday.
Source: Bloomberg