Oil tumbles further as US-China trade conflict fuels recession fears

Quick Summary:

LONDON: Oil prices extended losses on Monday, falling more than 3% as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude while OPEC+ readies a supply increase.

Demand is already looking weaker, with crude imports softening in Asia in the first quarter, data compiled by LSEG Oil Research shows.

Goldman Sachs on Monday forecast a 45% chance of recession in the U.S.over the next 12 months and made downward revisions to its oil price projections.

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Category: EconomyBusiness

Markets: MalaysiaChinaUnited States

Topics: Opec Energy /Business/Business News Brent WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-07 @ 16:46:00 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 480 words

Reading Time: 3 minutes read

Sentences: 19 lines

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Copyright Owner: © The Star

News ID: 27646843

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