Oil futures hit multiyear lows due to China's response to Trump's tariffs, impacting energy stocks negatively

From Yahoo Finance: 2025-04-08 10:21:00

Oil futures hit multiyear lows on April 4 due to China’s response to Trump’s tariffs. WTI dropped over 7% to $61.99, Brent crude fell over 6% to $65.58. China’s 34% tariff on US goods worsened crude losses, impacting financial markets and energy-related stocks negatively.

OPEC+ decision to increase oil supply more than expected, combined with fears of a weaker global economy due to tariffs, led to accelerated crude losses. KPMG US energy leader Angie Gildea mentioned concerns about a volatile market due to increased oil supply and trade war fears affecting demand.

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Read more at Yahoo Finance: Is Chevron Corporation (CVX) the Best American Energy Stock to Buy Now?