Oil Prices Experience Significant Drop

Crude oil prices faced a steep decline on Thursday, with West Texas Intermediate (WTI) witnessing a drop of over 3%. This significant decrease highlights the volatile nature of the market amidst ongoing trade tensions between the US and China.

Market Reactions

At 7:46 am ET, WTI for May deliveries plummeted by 3.24%, trading at $60.33 per barrel. Shortly after, Brent crude for June settlements saw a 2.99% fall, selling for $63.53 per barrel.

Analysts are closely monitoring the situation, as further developments in the US-China trade war could continue to impact global oil prices.