India, April 3 -- After reaching its highest level in over a month in the previous session, the price of crude oil pulled back sharply during trading on Thursday.
Crude for May delivery plummeted $4.76 or 6.6 percent to $66.95 a barrel after climbing $0.51 or 0.7 percent to a five-week closing high of $71.71 a barrel in Wednesday's session.
The plunge by the price of crude oil reflected concerns about the outlook for global demand after President Donald Trump delivered a highly anticipated speech on Wednesday outlining his plan to impose sweeping tariffs on U.S. trade partners.
Trump's "reciprocal tariff" plan calls for a baseline 10 percent tariff to be imposed on all U.S. imports except those compliant with the United States-Mexico-Can...