Oil prices fall in international markets - Currently prices are the lowest in the last 4 years
Fuel prices fall 8 percent to four-year lows amid trade war fears. Oil prices fell sharply on Friday, hitting their lowest levels since 2021, on growing concerns that the trade war will severely damage the global economy.
U.S. crude fell 8 percent to $61.92 a barrel in late trade. The decline follows a 6.6 percent decline on Thursday, driven by concerns about tariffs and a surprise OPEC+ production increase.
On Friday, the price of crude oil fell to $60.81 per barrel, the lowest intraday level since April 2021. Oil is heading for its worst day since mid-2022.
US President Donald Trump has championed lower energy prices as a way to cope with the cost of living. However, this week, oil prices are falling for a worrying reason: growing fears of a recession.
Oil traders fear that the trade war will slow economic growth to the point of negatively impacting energy demand.
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