MARKET NEWS
Oil Tumbles Amid China Tariff Retaliation, Recession Fears - BARRON'S
Oil prices plummeted in early trade, extending the previous week's losses on fears that escalating global trade tensions will spark a recession and weaken demand for crude. Both benchmarks dropped to a four-year low as China retaliated against President Trump's levies and Federal Reserve Chair Jerome Powell warned U.S. tariffs will likely raise inflation and slow economic growth. "The scale of the selloff suggests the market is pricing in a significant demand hit as recession fears grow," analysts at ING said.
