U.S. oil prices dropped below $60 a barrel Sunday as concerns mounted that Trump’s planned global tariffs could trigger a recession, according to CNBC. West Texas Intermediate crude futures fell more than 3%, after back-to-back 6% declines last week. Economists warn the tariffs may increase business costs, curb economic activity, and reduce oil demand. JPMorgan raised the probability of a U.S. recession this year to 60%, up from 40%. The firm cited the expected impact of the tariffs, which are set to take effect this week.
