Oil Prices React to China's Retaliatory Tariffs

Crude oil prices experienced a significant drop, falling by more than 1% on Thursday. This decline comes in the wake of China's implementation of retaliatory tariffs on U.S. goods, sparking fears of a potential decrease in demand.

US Response to Tariff Measures

In a related development, US President Donald Trump has opted to maintain tariffs against China while temporarily suspending most levies on other countries for a period of 90 days. This move has added another layer of complexity to the ongoing trade tensions between the two economic powerhouses.

Market Impact

West Texas Intermediate (WTI) for May deliveries saw a decrease of 1.23%, trading at $61.56 per barrel by 3:34 am ET. Similarly, Brent for June settlements declined by 1.30%, with prices at $64.65.