After investors assessed sudden changes in U.S. trade policy, crude oil prices continued their volatile trend. On Thursday, following a brief rebound on Wednesday, oil prices fell again. New York market WTI crude futures dropped by 3.7%, settling at $60.07 per barrel, briefly hitting a four-year low during the session. Brent crude futures declined by 3.3%, closing at $63.33 per barrel.
Despite the general cooling in U.S. inflation data for March, the market remains anxious about potential economic slowdowns due to the Trump administration's tariff policies. The broad decline in U.S. stocks on Thursday added further pressure to oil prices. Gabelli Funds analyst Simon Wong commented, "President Trump is working to lower inflation, with reducing energy prices being a key part of that strategy." He also noted that low inflation aids the Federal Reserve in cutting interest rates, which will help the Trump administration refinance trillions of dollars of debt at lower rates.
Amid warnings of global recession risks posed by U.S. tariff hikes, which could suppress energy demand, oil prices have significantly declined this month. The tension in the oil market largely stems from concerns about a global economic slowdown, especially against the backdrop of escalating trade tensions, with market expectations that energy demand may be curbed, making it difficult for oil prices to rebound.
