Oil prices dropped further on Monday as US President Donald Trump signalled he would push ahead with sweeping global tariffs despite plunging stock markets and rising fears of recession.
Brent crude fell 3.48 per cent to $63.30 a barrel by 10.56am BST — a fall of 15 per cent over the past five days — an indicator of deepening worries that the global economy is heading for a sharp slowdown.
Trump’s “liberation day” announcement of tariffs last Wednesday was followed hours later by an unexpected move by the Opec+ coalition to boost output.
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