North Sea crude oil, a benchmark in Europe, closed the session on the Intercontinental Exchange at $1.37 lower than the $65.58 at which it ended transactions on Friday.
Brent continued its downward trend, accumulating over 14% and $10 in the last three sessions, following Donald Trump’s announcement of minimum customs tariffs of 10%, which in some cases, such as China, rise to 34%, or the European Union increase to 20%.
The crisis escalated today after Trump threatened to impose an additional 50% tariff on China starting Wednesday if Beijing does not withdraw by Tuesday the tariffs it set in retaliation against the US.
On Friday, the Chinese government announced a reciprocal customs tariff of 34% on imports from the US.
This trade war has raised fears that the global economy is heading toward a recession.
Nonetheless, the group known as OPEC+, which includes members of the Organization of Petroleum Exporting Countries (OPEC) along with allies such as the Russian Federation, decided to increase production by 411,000 barrels per day starting in May.
OPEC+ members have reduced their supply in recent years to boost prices, but these cuts have not had the desired effect due to weak demand, which could worsen further with an economic recession.
