Crude oil futures plunged over 3 percent to slip below $60 per barrel in early Asian electronic trade on Monday, marking their weakest level since April 2021. The steep fall comes amid deepening fears that the intensifying US-China trade war could cripple global growth and energy consumption. WTI logged its sharpest weekly drop in two years after President Trump unveiled sweeping new tariffs, triggering tit-for-tat retaliation from major trade partners. China, the world’s top oil importer, now faces US tariffs on over half its exports and has hit back with a 34 percent levy on American goods. Adding fuel to the fire, Saudi Aramco slashed May crude prices for Asian buyers to a four-month low, coinciding with OPEC+’s unexpected production boost, further pressuring market sentiment. Back home, MCX crude futures tumbled over 2 percent to ₹5184 per barrel, mirroring global cues. Despite attempts at reassurance, Trump’s remark that “sometimes you have to take medicine to fix something” only added to market unease, as investors brace for deeper volatility ahead.
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