April 4 (Lagos) - WTI Crude oil prices declined sharply today after China retaliated against the US adding 34% tariffs in response to 34% tariff announced by US on China 2 days ago. The tariffs are leading to increase in risk of a global recession
Brent crude oil futures (May) also declined 8% to $64 a barrel. US WTI crude oil futures for May delivery declined almost 8% to $62.03 per barrel at the time of writing this article.
The OPEC+ also announced increase in crude oil production starting in May which is also adding to the sharp fall in price.
The Nigerian stock market managed to ignore these risks today while the global markets are taking a big hit. We can expect that to change come Monday and investors should brace for impact next week.