Crude oil futures fell by nearly 5% to below $57 on Wednesday, extending losses for a fifth straight session. The drop came as President Trump’s 104% tariff on China took effect, sparking fears of a global recession and weaker oil demand. China, the world’s top oil importer, has vowed to "fight to the end," signaling a prolonged trade war. Adding pressure, OPEC+ announced a sharp output hike for May, boosting supply into an already fragile market. Meanwhile, API data showed U.S. crude inventories fell by 1.1 million barrels, offering only limited support. As of April 9, 2025, MCX crude oil futures for April delivery closed at ₹5,199 per barrel, down 1.78% from the previous day.
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