Oil Falls, Affected by Recession Fears and Chinese Demand

Oil futures have been declining since the opening of daily trading on Monday, affected by recession fears, expectations of slowing Chinese demand, and concerns about global growth, all of which generally impact global oil prices.

U.S. oil futures fell to $66.00 per barrel, compared to the previous daily close of $67.00 per barrel. U.S. crude contracts rose to their highest level during Monday’s session at $67.57, compared to their lowest level of $65.91.

During an interview, the U.S. President did not rule out the possibility of the U.S. economy experiencing a recession due to what he suggested was weakness in U.S. stock trading, which fueled concerns about the potential negative effects of the tariffs imposed by Trump on some of the United States’ trading partners.

Oil also continues to receive more negative influences with rising fears of trade tensions due to tariff decisions and new policies pursued by the Trump administration, which increase the likelihood of a recession.

Trade tensions between the United States and Canada are also escalating following statements by the new Canadian Prime Minister, Mark Carney.

Carney dedicated a significant portion of his victory speech to attacking U.S. President Donald Trump, who imposed tariffs on Canada, and said that Trump wants to make Canada the 51st state in the United States.

Carney said: “Americans should not make this mistake. In trade, as in hockey, Canada will win.”