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 fell due to concerns about President Trump's tariffs and potential global recession, with West Texas Intermediate crude briefly dipping below $60 per barrel.

When the economy slows down, the price of oil tends to fall. But this time, OPEC+ is increasing production despite weak demand.

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.

The price fell to $58.60 in morning trading in London and hovered close to $60 throughout the day, marking a roughly 18 per cent drop over the past five days as Trump has pushed ahead with tariff plans.

The slide in crude prices signals deteriorating confidence in the strength of the economy. U.S. oil prices continued to sink Wednesday morning, falling to about $56 a barrel as China said it would match President Trump’s tariffs blow for blow.

Crude oil price don weak, e don drop more than 12% reach around $65.50 per barrel, afta President Donald Trump slam trade tariffs on plenti kontiris.

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.