New York April 8 2025: Oil prices settled down more than $1 a barrel on Tuesday, trading at four-year lows, as recession fears exacerbated by the trade conflict between the U.S. and China, the world’s two biggest economies, offset a stock market rebound.
Brent futures settled down $1.39, or 2.16%, at $62.82 a barrel. U.S. West Texas Intermediate crude futures settled down $1.12, or 1.85%, to $59.58. China, the world’s two biggest economies, offset a stock market rebound.
Brent futures settled down $1.39, or 2.16%, at $62.82 a barrel. U.S. West Texas Intermediate crude futures settled down $1.12, or 1.85%, to $59.58.
Brent futures fell more than $2 a barrel during the session.
The two benchmarks had slumped by 14% and 15%, respectively, on Monday after U.S. President Donald Trump’s April 2 announcement of “reciprocal tariffs” on all U.S. imports.
The U.S. will impose a 104% tariff on China from 12:01 a.m. EDT on Wednesday, a White House official said after Beijing did not lift its retaliatory tariffs on U.S. goods by a noon deadline on Tuesday set by Trump.
Both benchmarks fell more than $1 a barrel after the news.
The U.S. administration has indicated a strong preference for reducing crude prices to $50 or lower, considering this goal a top priority among its objectives, according to Natasha Kaneva, head of global commodities strategy at J.P. Morgan.
