Oil drilling rigs
Oil prices continued to slide today, April 9, trading at their lowest levels in four years as the escalating global trade war threatened energy demand. 
Brent crude was trading down 3.8% at $60.43 a barrel, at 8:47 am Makkah time. West Texas Intermediate (WTI) crude plunged 4.06% to $57.16 a barrel.
The decline comes as US President Donald Trump’s sweeping tariffs on most countries around the world take effect, raising fears of a recession, especially as countries respond with retaliatory measures.
The oil market faces a “toxic cocktail” of recession fears due to Trump’s tariffs and the decision by OPEC+ to bring more barrels back to the market, CNBC reported, citing Helima Croft, Global Head of Commodity Strategy at RBC Capital Markets.
Meanwhile, markets are awaiting the release of official US inventory data later today, after the American Petroleum Institute estimates showed that inventories rose by more than one million barrels last week.
Oil drilling rigs
Oil prices continued to slide today, April 9, trading at their lowest levels in four years as the escalating global trade war threatened energy demand.
Brent crude was trading down 3.8% at $60.43 a barrel, at 8:47 am Makkah time. West Texas Intermediate (WTI) crude plunged 4.06% to $57.16 a barrel.
The decline comes as US President Donald Trump’s sweeping tariffs on most countries around the world take effect, raising fears of a recession, especially as countries respond with retaliatory measures.
The oil market faces a “toxic cocktail” of recession fears due to Trump’s tariffs and the decision by OPEC+ to bring more barrels back to the market, CNBC reported, citing Helima Croft, Global Head of Commodity Strategy at RBC Capital Markets.
Meanwhile, markets are awaiting the release of official US inventory data later today, after the American Petroleum Institute estimates showed that inventories rose by more than one million barrels last week.
