Oil falls 2% as trade tensions escalate; WTI crude slips below $60

Oil drilling rigs

Oil prices turned lower today, April 8, after the White House announced it would move forward with raising tariffs on Chinese imports to 104%, further escalating the global trade war.

Brent crude futures for June delivery fell 2.15%, or $1.39, to close at $62.82 a barrel, after exceeding $65 during the session.

WTI crude futures for May delivery declined 1.85%, or $1.12, to $59.58 a barrel, after touching $61.75.

Goldman Sachs analysts explained in a note to clients that if tariffs remain at the same level announced by the US administration and an economic recession ensues, Brent crude prices could fall to $54 per barrel by the end of this year.

The American Petroleum Institute's (API) oil inventory report is expected on April 9, ahead of the official data from the US Energy Information Administration (EIA), with crude inventories expected to rise by about 2.2 million barrels.