Singapore April 9 2025: Oil prices dropped to their lowest in more than four years in early trade on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world’s two biggest economies, and a rising supply outlook.
Brent futures lost $2.13, or 3.39%, to $60.69 a barrel as of 0108 GMT. U.S. West Texas Intermediate crude futures fell $2.36, or 3.96%, to $57.22. Brent touched its lowest since March 2021 and WTI its lowest since February 2021.
Both benchmarks have tumbled over the five consecutive sessions since U.S. President Donald Trump announced sweeping tariffs on most imports sparking concerns a global trade war would dent economic growth and hit fuel demand.
The U.S. will impose a 104% tariff on China from 12:01 a.m. EDT (0401 GMT) on Wednesday, a White House official said in a Tuesday briefing, adding 50% more to tariffs after Beijing failed to lift its retaliatory tariffs on U.S. goods by a noon deadline on Tuesday set by Trump.
Beijing vowed not to bow to what it called U.S. blackmail after Trump threatened the additional 50% tariff on Chinese goods if the country did not lift its 34% retaliatory tariff.
