A view shows disused oil pump sockets at the Airankol oil field operated by Caspiy Neft in the Atyrau region, Kazakhstan, April 2, 2025.
Pavel Mikheyev | Reuters
American crude oil closed below $ 60 per barrel on Tuesday, the lowest level in four years while merchants fear that President Donald Trump's radical prices will trigger a full -fledged world trade war.
We gross Oil lost $ 1.12, or 1.85%, to end at $ 59.58 per barrel, the lowest level since April 2021. Brent dropped by $ 1.39, or 2.16%, to set up at $ 62.82 per barrel.
The American reference increased 1.7% earlier in the session, but fell while Trump's porcelain prices are looming on the market. Prices have dropped by more than 15% since last Wednesday when Trump announced the new import tax cycle.
The oil market is facing a “toxic cocktail” of recession fears due to Trump prices and OPEC + decision to bring more barrels to the market, said Helima Croft, a global manager of goods strategy at RBC Capital Markets.
“For the moment, people are waiting to see if there is a potential ramp of this commercial dispute,” Croft told “Squawk on the Street” of CNBC.
The American price rate on China is expected to surrender at 104% at 12:01 p.m. Wednesday, according to the White House. Beijing has not shown no signs of safeguard, promising to “fight until the end”.
The Treasury Secretary, Scott Bessent, told CNBC on Tuesday that China played a losing hand.
“I think it was a big mistake, this Chinese escalation, because they play with a pair of two,” said Bessent in an interview on “Squawk Box” by CNBC. “What do we lose by the Chinese prices that increased on us? We expand a fifth towards them of what they export us, so it's a losing hand for them.”
