U.S. oil prices fell below $60 a barrel on Sunday, driven by concerns that President Donald Trump’s global tariffs could trigger a recession in the U.S. and possibly the world.
Futures for U.S. West Texas Intermediate (WTI) crude dropped more than 3% to $59.78 on Sunday evening. This decline follows two consecutive weeks of 6% losses. WTI prices are now at their lowest point since April 2021.
The growing concern is that the tariffs could lead to higher business costs, which may slow down economic activity and reduce oil demand.
JPMorgan warned on Thursday that the tariffs, set to take effect this week, could push the U.S. and possibly the global economy into recession. The bank increased its forecast for a recession this year to 60%, up from 40%, due to the impact of the tariffs.
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