West Texas Intermediate (WTI) crude oil prices declined to a four-year low, approaching $58.80, driven by increasing apprehension regarding the global economic climate. This downturn follows the imposition of tariffs by the US administration, including a 54% tariff on Chinese goods and a 10% baseline tariff applicable to all trading partners. While WTI experienced a partial recovery during European trading hours on Monday, it remains down approximately 3% near $60.40. The commodity has faced persistent selling pressure since the beginning of April, as market participants express concern that escalating tariffs and potential retaliatory measures will contribute to inflationary pressures and negatively impact global economic productivity, thereby reducing demand for oil.
