Crude Oil Shows Another Significant Move To The Downside

(RTTNews) - Crude oil prices showed another significant move to the downside during trading on Monday, extending the nosedive seen over the two previous sessions.

After plummeting by nearly $10 a barrel last Thursday and Friday, crude for May delivery tumbled $1.29 or 2.1 percent to $60.70 a barrel.

The price of crude oil plunged to its lowest levels in four years amid ongoing concerns about the impact of President Donald Trump's new tariffs and retaliatory moves by U.S. trade partners.

Adding to worries about a global trade war, Trump threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.

Trump also threatened to terminate negotiations with China even as he said his administration is in talks with "countries from all over the world" and "tough but fair parameters are being set."

The extended slump by the price of crude oil also came as Saudi Arabia slashed its flagship crude price by the most in more than two years.