The price of oil continued to follow a downward trend on Wednesday as persistent economic uncertainty triggered by a trade confrontation between the United States and China, the world’s two biggest oil consumers, seemed to impact demand. At the same time, the latest data showed that US GDP in the first quarter of 2025 fell by 0.3%, further contributing to worry about the state of the global economy. West Texas Intermediate (WTI) for June deliveries declined 4.04% at 12:37 pm ET and sold for $58.02 per barrel. Brent for the same month’s settlements slumped 1.82% at the same minute, going for $63.08 per barrel.