WASHINGTON (dpa-AFX) - Oil prices extended last week's losses to hit four-year lows on Monday as U.S. President Donald Trump's sweeping new tariffs and signs of an escalating trade war stoked fears of a global recession that would hit demand for crude.
Benchmark Brent crude futures tumbled 3.8 percent to $63.10 a barrel in European trade, while WTI crude futures were down 4.1 percent at $59.47.
Both contracts plunged over 10 percent last week to hit their lowest levels since April 2021 after China - the world's biggest crude importer - announced it would implement a comprehensive 34 percent tariff on all American imports beginning April 10, 2025 - describing the decision as a necessary response to what it termed the Trump administration's 'typical unilateral bullying practice.'
The European Union is set to follow suit this week. 'We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth,' the International Monetary Fund said in a statement.
Crude sentiment has also been hit by the OPEC+ accelerating oil production and Saudi Arabia slashing its flagship crude price by the most in more than two years.
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