Oil prices sold off aggressively on Friday to their lowest levels since 2021 on mounting concerns that the trade war will badly damage the global economy.
Here’s where things stand:
US oil plummeted 8% to $61.92 a barrel in recent trading. That builds on a 6.6% plunge on Thursday driven by concerns about tariffs and a surprise production increase by OPEC+.
Crude fell to as low as $60.81 a barrel on Friday, the lowest intraday level since April 2021. Oil is on pace for its worst day since mid-2022.
President Donald Trump has advocated cheaper energy prices as a way to tackle the cost of living. But oil prices are primarily falling this week for a bad reason: surging recession fears.
Oil traders fear the trade war will slow economic growth to the point that it curbs demand for energy.
