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Oil Prices Down Due to Forecast of Weak Global Economic Growth Singapore, 14 Apr (ONA) —- Oil prices today declined due to
concerns the escalating trade war between the United States and China
would weaken global economic growth and undermine fuel demand.
Brent crude futures were down 29 cents, or 0.45%, at $64.47 a
barrel. US West Texas Intermediate (WTI) crude futures declined by 27
cents, or 0.44%, to $61.23 per barrel.
Both crude benchmarks have lost about $10 a barrel since the
start of the month as a trade war between the world’s two largest
economies intensify.
US bank Goldman Sachs expects Brent crude to average $63 per
barrel, while WTI is projected to average $59 per barrel for the
remainder of this year. For 2026, Brent is expected to average $58
per barrel and WTI $55 per barrel.
Beijing raised its tariffs on US imports to 125% last Friday in
response to US President Donald Trump’s decision to increase tariffs
on Chinese goods, in an escalation of a trade war that threatens to
disrupt global supply chains.—- Ends/Khalid
