The oil market’s decline continued on Monday.
U.S. President Donald Trump warned of imposing additional 50% tariffs on Chinese goods, intensifying fears of reduced oil demand due to the economic slowdown.
There are increasing concerns that Trump’s tariffs will push the global economy toward recession, shifting the focus of the world economy from worries about inflation to fears of deflation.
Brent crude, the international oil benchmark, saw June delivery contracts plummet by $1.37 (2.09%) to $64.21 per barrel.
West Texas Intermediate (WTI), the U.S. oil benchmark, teetered on the brink of falling below $60 per barrel. The May contract closed at $60.70 per barrel, down $1.29 (2.08%).
Since April 3, Brent has dropped 14.3%, while WTI has plummeted by 15.4%.
