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U.S. crude oil closed below $60 per barrel on Tuesday, the lowest level in four years as traders fear that President Donald Trump's sweeping tariffs will trigger a full-blown, global trade war.
U.S. crude oil lost $1.12, or 1.85%, to close at $59.58 per barrel, the lowest level since April 2021. Global benchmark Brent fell $1.39, or 2.16%, to settle at $62.82 per barrel.
The U.S. benchmark rose much as 1.7% earlier in the session, but pulled back as Trump's China tariffs loom over the market. Prices are down more than 15% since last Wednesday when Trump announced the new round of import taxes.
Helima Croft, global head of commodity strategy at RBC Capital Markets, said the oil market faces a "toxic cocktail" of recession fears due to Trump's tariffs and OPEC+'s decision to bring more barrels back to the market.
U.S. stocks finished sharply lower Tuesday following a volatile session. The S&P 500 and the Dow Jones Industrial Average extended their declines to a fourth day after the White House confirmed that President Donald Trump is still set to impose 104% tariffs on all Chinese imports on Wednesday.
The Dow Jones Industrial Average fell 320.01 points, or over 0.8%, to end at 37,645.59, according to FactSet data.
The S&P 500 was off 79.48 points, or 1.6%, to finish at 4,982.77.
The Dow and the S&P 500 were down for four consecutive trading sessions and saw their worst four-day percentage declines since March 2020.
The Nasdaq Composite slumped 335.35 points, or nearly 2.2%, ending at 15,267.91.
U.S. stocks staged a sharp relief rally on Tuesday morning in hopes that Trump would ease tariffs on major trading partners. The Dow rose by as much as 1,461 points, or 3.9%, while the S&P 500 and the Nasdaq each popped over 4% in morning action before erasing all their gains in the afternoon.
According to Dow Jones Market Data, the large-cap benchmark S&P 500 suffered its largest blown percentage gain since 2008, while the tech-heavy Nasdaq saw its worst blown gain in over 40 years.
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