Oil Prices Take a Hit

Oil futures experienced a significant decline on Thursday, with prices dropping further as investors grew increasingly wary amidst the escalating trade dispute between the United States and China, the world's largest oil consumer.

Trade War Intensifies

China's implementation of an 84% reciprocal tariff on American goods has fueled concerns over diminishing demand. The move comes in response to the US government's decision to increase tariffs on Chinese products to 125%, a strategy criticized by Chinese authorities as using tariffs "as a weapon".

Market Reaction

By 10:08 am ET, West Texas Intermediate (WTI) for May's deliveries had plunged by 5.57%, selling at $58.81 per barrel, while Brent for June's settlements saw a 5.24% drop, trading at $62.12 per barrel.