Oil prices drop as U.S.-China trade war intensifies

Crude oil prices slumped to their lowest level this year amid concerns of weakening demands after China announced a retaliatory tariff on US crude oil imports, while the U.S. stockpiles rose for the second consecutive week.

At 01:51 GMT, Brent oil futures inched 0.2% higher to $74.75 a barrel, while crude oil WTI futures expiring in March ticked up 0.2% to $70.91 a barrel, Investing reported.

On Wednesday, WTI crude futures slumped 2.3% to $71 per barrel, while Brent crude futures dropped 2.09% to $74.61 per barrel. Both oil benchmarks saw a slight rebound in Thursday's Asian session but remained at their lowest levels this year.

Crude oil prices fell to their lowest level since December 31, 2024 amid the escalating U.S.-China trade war. Investors are increasingly concerned about a slowdown in global economic growth and weakening energy demand in China, the world’s largest oil importer.