Oil Prices Slide 6.48% on Concerns About Global Economy
The global prices of crude or the West Texas Intermediate (WTI) Crude or WTIC fell by 6.48% to mark a fresh 3 year low of $62.48 per barrel on news that China will impose their own 34% tariff on all US goods as a retaliation to US President Trump’s earlier “reciprocal tariff” announcement. Oil fell as investors fear that global trade will slow given the ongoing trade war. Moreover, eight key OPEC+ producers also agreed to raise combined crude oil output by 411,000 barrels per day, speeding up the pace of their scheduled hikes and further pushing down oil prices. From a technical point of view, the price of crude may start to fall further following its recent break down from a 3.5 year area pattern. Crude may fall to at least $40.00 if it is unable to bring itself back above the $66.00 handle ASAP. While a decline in crude may reflect a weakening global trade, it may also translate to further cool down in inflation.
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