Oil Steadies After Plunge On Concerns Over Trade War Impact

Oil held its biggest drop this week as investors assessed the latest abrupt shifts in US trade policy and their effects on demand in China, the world’s biggest crude importer.

West Texas Intermediate was stable around $60 a barrel after sliding 3.7% on Thursday, while Brent ended that session near $63. Frantic selloffs hit US stocks, bonds and the dollar as fears of a worldwide recession engulfed Wall Street.

Oil prices are down more than 15% this month as the aggressive US tariff push sparks warnings of a global recession that would depress energy demand. Wednesday saw a rebound after President Donald Trump announced a 90-day halt on higher tariffs against dozens of nations, but he has since raised duties on China to 145%.

The US on Thursday lowered its forecasts for domestic production and global oil demand growth, in projections made before Wednesday’s tariff news.

Prices:

• WTI for May delivery was little changed at $60.11 a barrel at 6:41 a.m. in Singapore.

• Brent for June settlement closed 3.3% lower at $63.33 a barrel on Thursday.