Oil dives 7% to lowest in over 3 years on China tariffs

Global benchmark Brent futures settled US$4.56, or 6.5%, lower at $65.58 a barrel, while US West Texas Intermediate crude futures lost US$4.96, or 7.4%, to end at US$61.99.

HOUSTON: Oil prices plunged 7% on Friday to settle at their lowest in over three years as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession.

China, the world's top oil importer, announced it will impose additional tariffs of 34% on all US goods from April 10. Nations around the world have readied retaliation after Trump raised tariff to their highest in more than a century.