Brent crude falls 2%, closes below $65

Oil drilling rigs

Oil prices deepened their losses today, April 7, ending a three-week winning streak amid fears that the US-led trade war could push the global economy toward recession.

Brent crude futures for June delivery fell 2.1%, or $1.37, to $64.21 per barrel. WTI crude futures for May delivery lost 2.1%, or $1.29, to $60.7 a barrel.

Goldman Sachs raised the probability of a US recession over the next 12 months to 45%, up from its previous estimate of 35% a week ago, citing the risk of a global recession due to trade tensions.

The lender lowered its forecast for annual average price for a barrel of Brent crude in 2026 by $4 from its previous estimate to $58, and the same amount for its US counterpart to $55.