WTI crude oil futures, a benchmark for U.S. light oil, dropped to $58.95 per barrel in early Monday trading, the lowest level since mid-April 2021, as fears of a recession and expectations of increased supply continued to put downward pressure on prices.
Brent crude oil futures fell to a low of $62.51 per barrel, their lowest level in roughly four years. WTI was trading 2.61 percent lower for the day, as of 8:15 a.m. EDT, while Brent futures were down 2.47 percent.
Since the April 2 closing, both WTI and Brent crude oil prices have fallen by roughly 15 percent.
The decline follows President Donald Trump’s announcement of reciprocal tariffs on America’s trade partners. Under the policy, the United States has imposed a baseline tariff of 10 percent on all nations. Additional tariffs have been applied on a case-by-case basis, with China facing a 34 percent increase, raising its total tariffs to 54 percent. The European Union faces a 20 percent tariff, while Japan was hit with a 24 percent tariff. Those higher tariffs are set to be enacted on April 9….