Oil Prices Slide To 4-Year Low As U.S. Trade Conflict Fuels Recession Fears
1 week ago
Oil slid 3% on Monday to its weakest level in four years.
Brent futures and U.S. West Texas Intermediate crude futures hit their lowest since April 2021.
Both benchmarks have lost more than 10% over the last week.
It follows a large drop in oil prices Friday as markets worry U.S.-China trade tensions could cause a recession.
They fear it could see a fall in demand for crude while OPEC+ looks to increase supply soon.
Oil prices are an important indicator for Russia's financial health.
Here's Kremlin spokesperson Dmitry Peskov:
"Of course, we are very closely monitoring the situation, which is currently characterized as extremely turbulent, tense and emotionally overloaded."
Commodity markets including metals also fell.
Base metal prices in China dropped, with copper on the Shanghai Futures Exchange falling 6% - hitting its lowest in more than three months.
Gold climbed to a record peak last week, but later dropped amid a wider market sell-off.
However gold prices pared earlier losses Monday as some safe-haven demand filtered through, and analysts held an upbeat outlook for bullion.
Investors are worried an intensifying trade war between the U.S. and China and its impact on demand for raw materials.
Major stock indexes plunged as U.S. President Donald Trump showed no sign of backing away from his sweeping tariff plans.
Investors bet the rising risk of recession could see the Federal Reserve cut interest rates as early as May.
Brent futures and U.S. West Texas Intermediate crude futures hit their lowest since April 2021.
Both benchmarks have lost more than 10% over the last week.
It follows a large drop in oil prices Friday as markets worry U.S.-China trade tensions could cause a recession.
They fear it could see a fall in demand for crude while OPEC+ looks to increase supply soon.
Oil prices are an important indicator for Russia's financial health.
Here's Kremlin spokesperson Dmitry Peskov:
"Of course, we are very closely monitoring the situation, which is currently characterized as extremely turbulent, tense and emotionally overloaded."
Commodity markets including metals also fell.
Base metal prices in China dropped, with copper on the Shanghai Futures Exchange falling 6% - hitting its lowest in more than three months.
Gold climbed to a record peak last week, but later dropped amid a wider market sell-off.
However gold prices pared earlier losses Monday as some safe-haven demand filtered through, and analysts held an upbeat outlook for bullion.
Investors are worried an intensifying trade war between the U.S. and China and its impact on demand for raw materials.
Major stock indexes plunged as U.S. President Donald Trump showed no sign of backing away from his sweeping tariff plans.
Investors bet the rising risk of recession could see the Federal Reserve cut interest rates as early as May.
