US Edition
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
- U.S. crude oil prices fell to their lowest daily close since April 2021, settling at $61.99 per barrel last Friday amid ongoing trade tensions and rising supply concerns.
- The decline followed China's tariff increase on U.S. goods, escalating trade conflict fears that drove worries about a global economic slowdown and reduced oil demand.
- Additional downward pressure came from OPEC+ announcing plans to raise oil output by 411,000 barrels per day in May, reversing prior production cuts sustained over two years.
- Brent futures dropped 3.7% to $63.15, WTI fell 3.9% to $59.57, and Goldman Sachs predicted a 45% chance of U.S. recession, with forecasts lowering oil price averages in 2025.
- This price decline suggests potential fuel cost relief, as seen in parts of Florida and African nations, but ongoing tariff tensions and increased supply pose risks for sustained economic and market volatility.
Insights by Ground AI
Does this summary seem wrong?
271 Articles
271 Articles
All
Left
18
Center
27
Right
26
The US continues to raise tariffs on imports from China to 125 percent. For other countries, however, tariffs are suspended for the first time, as Trump wrote on "Truth Social."
To the general surprise, the US president revealed this Wednesday evening via a post on his Truth Social network that he was suspending for a period of three months the additional customs duties imposed on his trading partners since this morning. Only exception: China, which...
·Paris, France
Read Full ArticleCoverage Details
Total News Sources271
Leaning Left18Leaning Right26Center27Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 25%
C 38%
R 37%
Factuality
To view factuality data please Upgrade to Premium
