The price of Brent crude oil dropped below $59 per barrel for the first time since February 2021

The price of June Brent crude futures dropped below $59 per barrel on the London ICE exchange for the first time since February 2021. This is evidenced by the bidding data.

Thus, Brent crude futures fell to $58.52 per barrel. West Texas Intermediate (WTI) crude futures fell 3.709% to $57.34 per barrel.

According to the Reuters news agency, oil prices on April 9 have been declining for the fifth day in a row due to looming concerns about demand caused by the escalation of the trade war between the United States and China.

"Some American analysts have suggested that the White House wants to bring oil prices closer to $50, because the administration believes that the US oil and gas industry can go through a period of disruptions," analyst Ashley Kelty is quoted as saying.

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On April 2, Trump announced the introduction of 10% base duties on products imported from other countries. For the EU, this figure was raised to 20%, and for China — to 34%. On April 4, Beijing imposed retaliatory duties of 34% against the United States, after which, on April 8, Washington announced an increase in anti-Chinese duties to 104%.

Chinese Foreign Ministry spokesman Lin Jian said on April 7 that the US abuse of duties is economic bullying that harms not only other countries, but also Washington itself. According to the speaker of the Chinese Foreign Ministry, this seriously infringes on the legitimate rights and interests of other states.