Oil prices have fallen below $60 per barrel as concerns grow over the economic impact of newly announced trade tariffs by U.S. President Donald Trump. Analysts worry that these tariffs could trigger a recession in both the U.S. and global economies.
On Sunday night, U.S. West Texas Intermediate (WTI) crude futures dropped more than 3%, closing at $59.78. This marks the lowest price level since April 2021, following two weeks of significant declines totaling 12%.
Economists and market experts predict that the tariffs, which are expected to be implemented this week, could result in increased costs for businesses, reduced economic activity, and a decline in global oil demand. JPMorgan has raised its recession probability forecast from 40% to 60%, warning of potential widespread economic downturns.