U.S. oil prices dropped below $60 a barrel Sunday as concerns mounted that Trump’s planned global tariffs could trigger a recession, according to CNBC. West Texas Intermediate crude futures fell more than 3%, after back-to-back 6% declines last week. Economists warn the tariffs may increase business costs, curb economic activity, and reduce oil demand. JPMorgan raised the probability of a U.S. recession this year to 60%, up from 40%. The firm cited the expected impact of the tariffs, which are set to take effect this week.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02U.S. oil prices dropped below $60 a barrel Sunday as concerns mounted
00:06that Trump's planned global tariffs could trigger a recession, according to CNBC.
00:10Wextest's intermediate crude futures fell more than 3 percent after back-to-back 6 percent
00:15declines last week. Economists warn that tariffs may increase business costs, curb economic
00:20activity, and reduce oil demand. J.P. Morgan raised the probability of a U.S. recession this year
00:25to 60 percent, up from 40 percent,
00:28representing the expected impact of the tariffs, which are set to take effect this week.
00:31For all things money, visit Benzinga.com slash GSTV.