Oil Prices Tumble Amid Escalating Trade Concerns

Crude oil prices extended their losses, plummeting nearly 3% on Tuesday. This sharp decline followed a warning from China's Commerce Ministry, urging Washington to "stop making threats" to resolve the ongoing trade tensions between the two nations. The statement has heightened investors' fears about the potential impact of the trade war on global oil demand.

Market Reaction

By midday trading, West Texas Intermediate (WTI) for June's settlements had dropped by 2.79%, trading at $60.35 per barrel. Similarly, Brent crude for June's deliveries saw a 2.92% decrease, selling for $63.95 per barrel.