Crude Oil Prices Take a Significant Hit

Following China's announcement of increased tariffs on US goods, crude oil prices experienced a sharp decline, dropping over 6%. This move by China, raising duties from 34% to 84%, comes as a direct response to the US's imposition of tariffs on Chinese imports, including a cumulative levy rate of 104%.

Market Reactions and Price Details

West Texas Intermediate (WTI) for May's settlements saw a 6.55% drop, selling at $55.72 per barrel. Similarly, Brent for June's deliveries fell by 6.22%, trading at $58.99 per barrel. These changes were recorded early Wednesday, marking a significant moment in the ongoing trade tensions between the two economic powerhouses.