Oil Prices Decrease Amid U.S. Trade Conflict
(MENAFN) Oil prices experienced a sharp decline on Monday following new trade tariffs imposed by United States Leader Donald Trump.
Additionally, OPEC+ announced plans to boost production in May, and Saudi Arabia decided to reduce oil prices for Asia in the upcoming month.
The international benchmark, Brent crude, dropped roughly 3.8 percent, trading at USD63.20 per barrel by 10:53 a.m. local time (0753 GMT). This marked a decrease from the previous session's closing price of USD65.84, hitting a four-year low.
Similarly, the US benchmark, West Texas Intermediate, fell around 0.8 percent, closing at USD65.74 per barrel, down from USD66.33 in the previous session.
The significant drop in prices occurred on the first trading day of the week as Trump reiterated his hardline stance on trade tariffs. Meanwhile, OPEC+ revealed its plans to increase oil production in May, which contributed to the downturn in prices.
China, the largest importer of oil globally, responded to Trump's new tariffs by implementing retaliatory actions. Other major global economies, including the European Union, also indicated their intent to take similar measures, reigniting concerns about a potential global trade conflict.
In reaction to the US tariffs, China strongly criticized the move, accusing the US of pursuing "America's hegemonic ambitions." China argued that these tariffs infringe upon nations' rights and interests under World Trade Organization regulations.
The Chinese Foreign Ministry issued a statement condemning the US, claiming that the country is prioritizing its own interests over the global good and harming the legitimate rights of other countries to further its own hegemonic goals.
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