India, April 4 -- Following the sharp pullback seen in the previous session, the price of crude oil showed another substantial move to the downside during trading on Friday.
Crude for May delivery has plunged $4.95 or 7.4 percent to $62 a barrel after plummeting $4.76 or 6.6 percent to $66.95 a barrel in Thursday's session. With the extended nosedive, the price of crude oil hit its lowest level in over three years.
Concerns about the impact a global trade war will have on fuel demand continued to weigh on crude oil after China announced retaliatory tariffs on U.S. goods in reaction to President Donald Trump's new levies.
China's finance ministry announced a 34 percent tariff will be imposed on all imported goods originating from the U.S....