Global Oil Prices Drop Amid U.S.-China Trade Tensions

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Global Oil Prices Drop Amid U.S.-China Trade Tensions

On April 14, 2025, global oil prices declined as escalating trade tensions between the United States and China raised concerns about global economic growth and reduced fuel demand. Brent crude futures fell by 29 cents to $64.47 per barrel, while U.S. West Texas Intermediate (WTI) decreased by 27 cents to $61.23. Both benchmarks have lost approximately $10 per barrel since early April as trade tensions intensified.

The decline was influenced by China's decision to increase tariffs on U.S. imports to 125%, retaliating against U.S. tariff hikes. Additionally, Goldman Sachs forecasts that Brent crude will average $63 per barrel in 2025 and fall to $58 in 2026, while WTI is expected to drop from $59 to $55 over the same period.

These developments have led to concerns about a potential global economic slowdown and its impact on oil demand. OPEC has revised its global oil demand growth forecast for 2025 downward, citing weaker-than-expected first-quarter data and the negative impact of new U.S. trade tariffs.

This situation underscores the interconnectedness of international trade policies and energy markets, highlighting the need for careful monitoring of geopolitical developments and their potential economic ramifications.

Tags: #oil prices, #trade tensions, #us-china relations, #economic growth

Sources

  1. Oil extends decline as US-China trade war weighs on global growth outlook
  2. OPEC cuts global oil demand growth forecasts, citing US tariffs
  3. Stocks rally in Asia as electronics get a tariff break

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