A vision shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil bonuses dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would propel the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.78 on Sunday endlessly. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that taxes could lead to higher prices for businesses, which could lead to a slowdown in economic activity that want ultimately hurt demand for oil.
Oil futures, 5 years
The bill of fares, which are set to take effect this week, “would likely push the U.S. and possibly global economy into dip this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% dog the tariff rollout, up from 40%.