Oil prices fall 2.5%, with June Brent crude above $61

Oil prices fell more than 2.5% during trading on Wednesday, April 9, 2025, continuing their losses for the fifth consecutive session, amid fears of a global recession threatening demand. Crude prices reached their lowest levels in more than four years, affected by looming demand concerns, fueled by the escalating tariff war between the United States and China, the world's two largest economies, and expectations of rising supply. US President Donald Trump's 104% tariffs on China took effect at 4:01 a.m. GMT (7:01 a.m. Mecca time) on Wednesday, adding 50% to the tariffs. Beijing pledged not to submit to what it described as American blackmail, after Trump threatened to impose an additional 50% tariff on Chinese goods if the country did not raise its retaliatory 34% tariff, according to the Washington-based Energy Platform's live tracking of oil market activity. Oil prices closed down 2% on Tuesday, April 8, continuing losses for the fourth consecutive session and recording their lowest level in four years.