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Oil Prices Dive Amid U.S.-China Trade Tensions

4/7/2025

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Summary

Story summary

Oil prices plummeted as Brent crude hit $64.35 and West Texas Intermediate (WTI) dropped to $59.78 per barrel, fueled by rising U.S.-China trade tensions. President Trump's new tariffs sparked recession fears, threatening oil demand. Meanwhile, OPEC+ plans to boost production added to the turmoil, creating a volatile market landscape.

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Story summary

Oil prices plummeted as Brent crude hit $64.35 and West Texas Intermediate (WTI) dropped to $59.78 per barrel, fueled by rising U.S.-China trade tensions. President Trump's new tariffs sparked recession fears, threatening oil demand. Meanwhile, OPEC+ plans to boost production added to the turmoil, creating a volatile market landscape.