The price of oil has fallen below $59

On Wednesday, oil prices continued to decline rapidly, which is facilitated by the growing trade confrontation on the world stage. The price of Brent crude oil dropped below $59 per barrel for the first time since February 2021.

The value of the June contracts for Brent crude oil fell by more than 6%, reaching $58.24 per barrel. At the same time, May futures for WTI crude oil fell by 6%, which led to a price of $55.13 per barrel.

Investors continue to get rid of high-risk assets. The reason for this is concerns that the trade confrontation initiated by Washington could increase inflationary processes, slow down global economic growth and, as a result, lead to a decrease in global oil demand.