Oil Prices Plunge Over 5% Following China's Tariff Increase on US Goods
China imposes tariffs in response to US trade policy, impacting global oil markets significantly.
Oil prices experienced a significant decline on Friday, with losses exceeding 5%, largely attributed to China's announcement of a 34% tariff on American products.
This decision was a retaliatory measure following recent tariffs imposed by the United States under former President Donald Trump.
As of 10:30 AM GMT, the price of Brent crude oil for June delivery fell by 4.99% to $66.64 per barrel, reaching its lowest levels since December 2021 at $66.53. Similarly, West Texas Intermediate (WTI) crude oil for May delivery saw a decrease of 5.23%, settling at $63.45 per barrel.
The escalation in trade tensions between the world’s two largest economies has raised concerns over future oil supply and demand dynamics, highlighting the interconnectedness of global markets amid geopolitical uncertainties.
This decision was a retaliatory measure following recent tariffs imposed by the United States under former President Donald Trump.
As of 10:30 AM GMT, the price of Brent crude oil for June delivery fell by 4.99% to $66.64 per barrel, reaching its lowest levels since December 2021 at $66.53. Similarly, West Texas Intermediate (WTI) crude oil for May delivery saw a decrease of 5.23%, settling at $63.45 per barrel.
The escalation in trade tensions between the world’s two largest economies has raised concerns over future oil supply and demand dynamics, highlighting the interconnectedness of global markets amid geopolitical uncertainties.
