New Delhi, April 4 -- Crude oil prices took a severe beating on Friday, extending their decline to 8%, after China retaliated with fresh tariffs in response to US President Donald Trump's levies on the Asian nation.

With today's fall, the crude futures were set to hit their lowest level since the middle of the Covid-19 pandemic in 2021, according to Reuters data.

Brent futures dived by $5.72, or 8.2%, to $64.62 a barrel and US West Texas Intermediate crude futures lost $5.90, or 8.8%, to $61.05.

Both benchmarks were on track to record their biggest weekly losses in percentage terms in more than two years, a Reuters report said.

According to media reports, China said it will impose additional tariffs of 34% on all US goods from April 1...