The U.S. crude oil benchmark temporarily plunged below the stress-inducing $60 per barrel threshold on Monday amid tariff and economic slowdown fears, putting the nation’s record-high volumes of oil production at risk.
The dip below $60 for front-month NYMEX WTI oil for the first time in four years was its lowest since April 2021 when the pandemic was still in full swing. Prices rebounded to a settlement price of $60.70 per barrel in the afternoon. Trump administration tariff concerns are leading the drop, but global demand concerns were already rising in recent months. OPEC exacerbated the situation last week with an unexpected announcement to increase volumes.
