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

Quick Summary:

LONDON: Oil prices extended losses on Monday, falling around 2% as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for oil, while OPEC+ readies a supply increase.

JPMorgan said last week that it sees a 60% probability of recession in the U.S.and globally.

"It goes to show the Saudis, just like every man and his dog, expect the supply and demand balance to be affected and they are forced to cut their official selling prices".Responding to U.S.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaChinaSaudi ArabiaUnited States

Topics: Oil WTI LNG Brent Commodities Tariff Crude Gas Opec /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-08 @ 08:14:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 473 words

Reading Time: 3 minutes read

Sentences: 21 lines

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Copyright Owner: © The Star

News ID: 27693396

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