Oil prices fell for the third day in a row, tumbling nearly 3 per cent to the lowest level in three years as fears rise that US President Donald Trump’s trade war will slow economic activity and cut crude demand.
Brent crude, the international benchmark, dropped as low as $68.33 on Wednesday, the lowest since December 2021. West Texas Intermediate, the US marker, declined more than 4 per cent to $65.22.
The moves came after the US Energy Information Administration reported a larger-than-expected rise in American crude oil stocks, adding to concerns about a slowdown in economic activity after Trump confirmed new trade tariffs this week on Canada, Mexico and China.
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