Reported about 16 hours ago
Oil futures hit multiyear lows following China's retaliatory tariffs against the U.S., raising concerns about decreasing demand amid an escalating trade war. West Texas Intermediate dropped over 7% to $61.99 per barrel, while Brent futures fell more than 6% to $65.58. Analysts warn that prolonged tariffs could lead to a U.S. and global recession, as increased oil production from OPEC+ adds further pressure on prices.
Source: YAHOO