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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $1.29 to $60.70 on the New York Merc -- after briefly dipping below $60 for the first time since 2021 -- while Brent for June lost $1.37 to $64.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.10 to WTI, down from a discount of $7.40. Natural gas for May lost 18 cents to $3.65. The TSX energy index lost 4.61 points to close at 231.80.

Oil prices took another clobbering as U.S. President Donald Trump's tariff "medicine" continued to hit global markets. The S&P 500 index educated traders on the adage that a lie can travel halfway around the world while the truth is still putting on its (golfing) shoes. Over a period of a mere half an hour this morning, trillions of dollars in market cap were added and then abruptly lost again, after rumours emerged that the White House was considering a 90-day pause on tariffs, only for the White House to issue a quick dismissal of the rumours as "fake news." Mr. Trump -- who yesterday likened his tariffs to "medicine to fix something" -- has so far shown no sign of reversing or relaxing his policies, threatening today to impose additional 50-per-cent tariffs on China on Wednesday. Goldman Sachs has raised the odds of a U.S. recession in the next 12 months to 45 per cent.

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