Oil prices fell to their lowest levels in over four years during early trading on Wednesday, driven by growing concerns over demand due to the escalating tariff war between the U.S. and China, the world’s two largest economies, as well as a rising supply outlook.
Brent futures dropped $2.13, or 3.39%, to $60.69 per barrel at 0108 GMT, while U.S. West Texas Intermediate crude futures declined $2.36, or 3.96%, to $57.22. Brent reached its lowest point since March 2021, and WTI hit its lowest since February 2021.
