Crude oil futures fell further in Asian trading today, hours before new US tariffs on imports from a range of key trading partners are due to take effect.
Benchmark WTI and Brent futures each fell by more than 4pc in early trading to hit new four-year lows.
The front-month June Brent contract on Ice fell by as much as 4.2pc to a low of $60.18/bl. Brent has not traded below $60/bl since February 2021.
The Nymex front-month May crude contract fell by 4.8pc to a new four-year low of $56.70/bl.
At today's lows, both benchmark contracts have now fallen by 20pc since US president Donald Trump announced his tariff plans on 2 April.
Trump's so-called "reciprocal" taxes on imports from selected trade partners are due to come into force at 12.01am ET (05:01 GMT) on 9 April. Trump's 10pc baseline tariff on imports from nearly every foreign country already went into effect on 5 April.
Cumulative tariffs on US imports from China imposed since Trump returned to power will rise to 104pc, after Trump this week added 50pc to previously announced rates.
