Oil ticked higher after a three-day slump as a slightly calmer tone returned to global markets, with traders pondering the latest tariff moves from US President Donald Trump.
West Texas Intermediate rose above $61 a barrel in early Asian trade after collapsing by 15% over three sessions. Brent closed above $64, near a four-year low. On Monday, Trump threatened to slap additional 50% import taxes on China, the largest crude importer, even as he signaled talks with other nations.
Crude — together with other commodities, global equities and bonds — has been roiled this month as the US president presses on with his aggressive trade policy. The ructions have stoked concerns about a global slowdown or recession that would jeopardize energy demand. At the same time, OPEC+ delivered a bigger-than-expected output hike, hurting the outlook for oil-market balances.
The escalating trade war has prompted banks including Goldman Sachs Group Inc. and Morgan Stanley to cut oil-price forecasts for the coming quarters. Societe Generale SA also slashed its outlook, citing the threat posed by the US tariffs for the Chinese economy and global crude demand.
Prices:
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WTI for May delivery rose 1.2% to $61.40 a barrel at 7:21 a.m. in Singapore.
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Brent for June settlement closed 2.1% lower at $64.21 a barrel on Monday.
. Read more on Markets by NDTV Profit.West Texas Intermediate rose above $61 a barrel in early Asian trade after collapsing by 15% over three sessions. Read MoreMarkets, Bloomberg
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