Global oil prices continue to plunge as renewed trade tensions fuel fears of a broader economic slowdown. The latest blow came from reciprocal tariffs announced by U.S. President Donald Trump, heightening concerns over a potential trade war with China. This escalating standoff threatens to weaken global oil demand, casting a shadow over an already fragile market. Echoing these concerns, IMF Chief Kristalina Georgieva has called on the United States and its trading partners to urgently resolve their trade disputes to avoid further economic fallout.
Source:create.vista.com
West Texas Intermediate (WTI) crude prices on the NYMEX continue to decline sharply, driven by rising global economic concerns following U.S. President Donald Trump’s announcement of reciprocal tariffs. Since the announcement, oil has slumped by nearly 12.75%, trading close to $60.60.
Market analysts believe the new wave of tariffs may prompt global businesses to delay investment decisions due to heightened uncertainty, further dampening oil demand and exerting downward pressure on prices.
The prospect of retaliatory measures from other countries is also contributing to the bearish sentiment. China, in response to the U.S. tariffs, warned of a 34% levy on all American imports starting April 10, intensifying fears of a full-scale trade war. Such a standoff between the world’s two largest economies is particularly concerning for oil markets, given China’s status as the top global importer.
Adding to the concerns, IMF Managing Director Kristalina Georgieva urged the U.S. and its trade partners to address their differences through constructive dialogue. She emphasized that the heightened import tariffs pose a serious threat to the already fragile global economic outlook.
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