Brent crude falls 2%, closes below $65
07/04/2025
Argaam
Oil drilling rigs
Oil prices deepened their losses today, April 7, ending a three-week winning streak amid fears that the US-led trade war could push the global economy toward recession.
Brent crude futures for June delivery fell 2.1%, or $1.37, to $64.21 per barrel. WTI crude futures for May delivery lost 2.1%, or $1.29, to $60.7 a barrel.
Goldman Sachs raised the probability of a US recession over the next 12 months to 45%, up from its previous estimate of 35% a week ago, citing the risk of a global recession due to trade tensions.
The lender lowered its forecast for annual average price for a barrel of Brent crude in 2026 by $4 from its previous estimate to $58, and the same amount for its US counterpart to $55.
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Brent Crude Oil
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