Oil prices climb 1% after heavy US tariff-driven selloff

2025-04-08 11:07:00

Oil prices were up around 1% on Tuesday, rebounding from a near four-year low in the previous session on concerns that U.S. tariffs might depress demand and lead to a global recession, though analysts warned downside risks remain.

Brent futures were up 66 cents, or 1%, at $64.87 per barrel, while U.S. West Texas Intermediate crude futures rose 67 cents, or 1.1%, to $61.37, at 0650 GMT.

As of Monday, Brent and WTI had slumped 14% and 15% respectively following U.S. President Donald Trump's April 2 announcement of "reciprocal tariffs" on all imports.