Shares of oil companies have dropped sharply in recent days. Growth fears and expectations of more supply from OPEC+ are pressuring crude prices.

Oil prices have plummeted 15% to their lowest in four years following the announcement of new U.S. tariffs coupled with OPEC+’s decision to

Oil prices climbed more than 4% on Wednesday, bouncing back from four-year lows earlier in the session, after U.S. President Donald Trump said he would further increase tariffs on China but pause the tariffs he announced last week for most other countries.

Oil prices slid to a four-year low Wednesday as fears of a global recession grew amid the latest round of tariff increases.

Oil prices continued to climb in late trading Wednesday, with benchmark U.S. crude futures rising to about $63 a barrel. That's up from Tuesday's settled price of $59.58, which was the lowest in four years.

Oil prices surged from a four-year low on Wednesday and gold rallied in a broad-based commodities and equity market rebound after U.S. President Donald Trump said he would temporarily lower recently enacted tariffs on dozens of countries while further increasing duties on China.

The shape of the oil futures curve is rapidly shifting into contango — a fresh sign that traders are hastily dialing back their expectations for global demand this year.