Oil prices have reached the lowest level since 2021 because of the fears of global demand and the escalation of the US and China's tariff war. About it reports Reuters.
On Wednesday, April 9, Brent oil futures dropped $ 2.38, or 3.79%, and traded at $ 60.44 per barrel. At the same time, US oil WTI fell $ 2.46 (or 4.13%) - up to $ 57.12 per barrel. These are the lowest rates in the last four years.
Analysts say that both major oil stamps demonstrate the negative dynamics of the fifth trading session in a row. The impetus for the collapse was US President Donald Trump's announcement of new duties on most imported goods. This step has caused fears to increase global trade voltage, which can slow down economic growth and reduce demand for energy.
It is reported separately that the price of Russian oil brand (Eastern Siberian-Pacific Oil pipeline) was first dropped below the Upper Ceiling established by Western countries of 60 dollars per barrel. This can create additional economic challenges for the Russian budget, which is largely dependent on energy revenues.
Experts expect that against the background of increasing instability, prices can remain volatile in the coming weeks, especially given the geopolitical risks and the further development of trade conflict between the two largest economies in the world.
