Market Reacts to China's Retaliatory Tariffs

Crude oil prices experienced a decline of more than 1% this Thursday, following the implementation of China's retaliatory tariffs on U.S. goods. This move has sparked concerns over a potential decrease in demand, affecting global market sentiments.

Trump's Tariff Strategy

In response, U.S. President Donald Trump has decided to maintain tariffs against China while temporarily suspending most levies on other countries for a period of 90 days. This decision adds another layer of complexity to the ongoing trade tensions between the two economic powerhouses.

Price Movements

West Texas Intermediate (WTI) for May deliveries saw a drop of 1.23%, trading at $61.56 per barrel, whereas Brent for June settlements decreased by 1.30%, selling at $64.65. These figures highlight the immediate impact of the tariff implementations on oil prices.