Oil Prices Plunge to Four-Year Low Amid US-China Trade War Escalation

Oil prices reached a four-year low on Wednesday, marking the worst five-day losing streak in three years. This decline coincided with a drop in several commodities, including base metals, as trade tensions between the US and China intensified. Stocks across Asia mirrored Wall Street's decline following President Trump's indication of imposing 104% duties on Chinese goods. On Tuesday, the US announced that increased tariffs on imports from China would take effect shortly after midnight. Brent crude was at $61.4 a barrel, while West Texas Intermediate Futures were at $58.16. Copper futures on the Shanghai Futures Exchange reached an eight-month low.