U.S. oil prices dropped below $60 a barrel on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
The decision by key OPEC+ producers last week to increase the pace of production hikes has also put downward pressure on oil prices. Saudi Aramco on Sunday slashed the price of its flagship Arab Light crude.
Futures tied to U.S. West Texas intermediate crude hit a session low of $58.95 per barrel. Global benchmark Brent fell to an intraday low of $62.51.
U.S .crude oil was last down 2.4%, or $1.49, at $60.50, while Brent was down 2.24%, or $1.47, at $64.11. The benchmarks were trading at their lowest levels since 2021. The latest price action comes after U.S. crude and Brent closed down more than 10% last week.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
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U.S. oil prices dropped below $60 a barrel on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
The decision by key OPEC+ producers last week to increase the pace of production hikes has also put downward pressure on oil prices. Saudi Aramco on Sunday slashed the price of its flagship Arab Light crude.
Futures tied to U.S. West Texas intermediate crude hit a session low of $58.95 per barrel. Global benchmark Brent fell to an intraday low of $62.51.
U.S .crude oil was last down 2.4%, or $1.49, at $60.50, while Brent was down 2.24%, or $1.47, at $64.11. The benchmarks were trading at their lowest levels since 2021. The latest price action comes after U.S. crude and Brent closed down more than 10% last week.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
More: [https://cnb.cx/4iT8BRn](https://cnb.cx/4iT8BRn)
And interest rates dropped. One door closes and another one opens.
I would not want to be the people screening orange man’s calls right now. I bet they are getting an ear full.
#OrangeMonday
Where’s my 99 cent gas?? 🙂
Exxon and the other Oil barrons are sure getting their money’s worth promoting Trump haha!!!