FILE: Oil tumbles further as US-China trade conflict fuels recession fears

Record ID: 1987397

  • Title: FILE: Oil tumbles further as US-China trade conflict fuels recession fears
  • Date: 13th January 2025
  • Summary: KOZMINO, RUSSIA (FILE - DECEMBER 4, 2022) (REUTERS) VARIOUS OF OIL TANKERS NEAR PORT ISTANBUL, TURKEY (FILE - DECEMBER 6, 2022) (REUTERS) DRONE FOOTAGE OF OIL TANKERS ANCHORING OFF COAST ISTANBUL (MUTE) FOOTAGE OF OIL TANKER OTTOMAN SINCERITY LADEN WITH CRUDE FROM RUSSIAN PORT OF NOVOROSSIYSK SAINT-NAZAIRE, FRANCE (FILE - MARCH 5, 2022) (REUTERS) VARIOUS OF RUSSIAN GAS TA
  • Embargoed:
  • Keywords: Brent China India Oil Russia WTI
  • Location: VARIOUS LOCATIONS
  • City: VARIOUS LOCATIONS
  • Country: Russia
  • Topics: Europe,Economic Events
  • Reuters ID: LVA001275713012025RP1
  • Aspect Ratio: 16:9
  • Story Text:Oil prices extended losses on Monday (April 7), falling more than 3% as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude while OPEC+ readies a supply increase.
    The Brent and WTI benchmarks both dropped to their lowest since April 2021.
    Brent futures LCOc1 lost $2.23, or 3.4%, to $63.35 a barrel by 0903 GMT and U.S. West Texas Intermediate crude futures CLc1 were down $2.22, or 3.58%, at $59.77.
    Oil plunged by 7% on Friday (April 4) as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession. Last week Brent and WTI lost 10.9% and 10.6% respectively.
    Goldman Sachs on Monday forecast a 45% chance of recession in the U.S. over the next 12 months and made downward revisions to its oil price projections. JPMorgan said last week that it sees a 60% probability of recession in the U.S. and globally.
    Responding to U.S. President Donald Trump's tariffs, China said on Friday that it would impose additional levies of 34% on American goods, confirming investor fears that a full-blown global trade war has begun.
    Imports of oil, gas and refined products were given exemptions from Trump's sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.
    (Production: Reim Nahaboo)
  • Copyright Holder: FILE REUTERS (CAN SELL)
  • Copyright Notice: (c) Copyright Thomson Reuters 2025. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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