India, April 7 -- Oil prices extended last week's losses to hit four-year lows on Monday as U.S. President Donald Trump's sweeping new tariffs and signs of an escalating trade war stoked fears of a global recession that would hit demand for crude.
Benchmark Brent crude futures tumbled 3.8 percent to $63.10 a barrel in European trade, while WTI crude futures were down 4.1 percent at $59.47.
Both contracts plunged over 10 percent last week to hit their lowest levels since April 2021 after China - the world's biggest crude importer - announced it would implement a comprehensive 34 percent tariff on all American imports beginning April 10, 2025 - describing the decision as a necessary response to what it termed the Trump administration's "typ...