09:13 AM EDT, 04/08/2025 (MT Newswires) -- Oil prices rose early on Tuesday, climbing off four-year lows following three losing sessions as global markets priced in a possible recession after the United States imposed blanket tariffs on its trading partners, threatening a widespread economic slowdown.

West Texas Intermediate crude for May delivery was last seen up US$0.51 to US$61.21 after falling to the lowest since April 2021, while June Brent oil rose US$0.49 to US$64.70.

Global equity and commodity markets convulsed over the past week following U.S. President Donald Trump's April 2 'Liberation Day", when he announced stiff tariffs on nearly all the country's trading partners. Overseas markets turned positive on Tuesday and futures point to a higher open for U.S. exchanges, though the impact of the new levies, which take effect at midnight, on both the United States and its partners is uncertain.

Trump on Monday threatened to add an additional 50% tariff on imports from China to retaliate for Beijing's imposition of a 34% retaliatory tariff on U.S. imports. The new U.S. tariff would bring the country's levies on China to nearly 100%. On Tuesday, China said it will "fight to the end."

"It would be a gamble indeed to believe the tempest is over. Sino/US trade relations are descending into the spat all markets in their hearts knew was coming. President Trump's invective over many years has been a drone of a portrayal of unfairness in the trade practices of the US' biggest economical competitor. There can be little doubt addressing the trade imbalance with China is the motivation of clearing house globally 'while we are at it' by Trump," PVM Oil Associates noted.

OPEC+ on Thursday met the demand risk following the tariffs by announcing it will add 411,000 barrels per day to the market in May, as it unexpectedly decided to speed the staged return of 2.2-million barrels per day of production cuts, adding further pressure on oil prices.

"OPEC's decision to accelerate the phase-in of voluntary barrels in May, amid spiraling trade war and recession concerns, has triggered comparisons with the ruinous 2014 market share war. From our standpoint, we think 2020 is a more accurate parallel because of the then stated goal to ensure that all OPEC+ members, most notably Russia, would bear the burden of adjustment," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.