India, April 4 -- Oil prices were down around 4 percent on Friday, and were on track for their worst week in months on concerns about a global recession that could weigh on oil demand.
Benchmark Brent crude futures tumbled 3.6 percent to $67.63 in early European trade while WTI crude futures were down 3.8 percent at $4.38.
Both contracts declined more than 6 percent on Thursday after U.S. President Donald Trump announced significantly harsher-than-expected tariffs.
According to UBS, the latest tariff measures unveiled by Trump may knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5 percent.
JPMorgan has raised the probability of a global recession this year to 60 percent, from a previous 40 pe...