Oil Prices React to New Tariffs

Crude oil prices experienced a decline of more than 1% this Thursday, as China's retaliatory tariffs on U.S. goods came into effect, sparking concerns over potential demand drops. In a related development, U.S. President Donald Trump has decided to maintain tariffs against China while offering a 90-day reprieve on most levies for other countries.

Market Figures

West Texas Intermediate (WTI) for May deliveries dropped by 1.23%, trading at $61.56 per barrel, whereas Brent for June settlements saw a 1.30% decrease, selling for $64.65.