Market Reacts to US-China Trade War Fears

West Texas Intermediate crude oil experienced a significant drop, falling below $59 per barrel, marking its lowest point in four years. This downturn follows the US administration's announcement of imposing 104% combined duties on Chinese imports, dampening previous market optimism over potential tariff cuts.

OPEC+ and Geopolitical Factors Add Pressure

Further contributing to the decline, OPEC+ has scheduled a production boost for May, alongside increasing geopolitical uncertainties. Notably, US President Donald Trump's comments regarding direct negotiations with Iran have added to the market's volatility.

Price Movements

At 3:20 pm ET, WTI for May deliveries saw a 3.80% decrease, trading at $58.51 per barrel, while Brent for June settlements dropped 3.85% to $61.87 per barrel.