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Informist, Wednesday, Apr. 9, 2025
--WTI May crude falls to $57.05/bbl, down 4.35% from Tue
--WTI May crude at 4-yr low of $57.05/bbl on demand woes, US tariff worries
NEW DELHI – Crude oil futures on the New York Mercantile Exchange plummeted to a four-year low on Wednesday due to concerns over demand amid an escalating trade war between the US and China. The US imposed a 104% tariff on China from Wednesday, after Beijing did not lift its 34% retaliatory tariffs on American goods by the deadline set by US President Donald Trump. The two countries are top consumers of crude oil.
China vowed to retaliate against US threats on Tuesday. The pushback from Beijing sets the scene for further escalation between the world's two biggest economies, which is weighing on sentiment across the commodities complex, Saniel Hynes, senior commodity expert at ANZ, said in a note.
At 1053 IST, the most active May contract of crude on NYMEX was at a four-year low of $57.05 per barrel, down 4.35% from the previous close.
Additionally, Saudi Arabia's decision to slash May prices of Arab light crude to Asian buyers by $2.30 a barrel, the most since 2022, also weighed on prices. A potential oversupply in the oil market, driven by increases in production by 411,000 barrels per day in May from the Organization of the Petroleum Exporting Countries and allies, is also driving prices down. Originally, the countries were scheduled to raise output by 135,000 barrels per day as part of a plan to gradually unwind output cuts. End
US$1 = INR 86.56
Reported by Pallavi Singhal and Afra Abubacker
Edited by Tanima Banerjee
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