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Crude %Oil prices in America have fallen below $60 U.S. a barrel as fears of an economic recession intensify.

West Texas Intermediate (WTI) crude oil, the U.S. standard, is currently trading at $59.74 U.S. a barrel and is on pace for its worst monthly performance since November 2021.

Brent crude oil, the international benchmark, is trading at $63.33 U.S. per barrel and down substantially in the month of April.

The accelerating decline in crude prices comes as data shows the U.S. economy contracted by 0.3% in this year’s first quarter, heightening concerns that America is headed for a recession.

At the same time, U.S. President Donald Trump’s global trade war has eroded the outlook for energy demand worldwide, depressing crude prices.

With both the U.S. and Chinese economies slowing, crude oil prices continue to trend lower. America and China are the top two oil-consuming nations globally.

New data shows that China’s factory activity contracted at the fastest pace in 16 months in April, while U.S. consumer confidence has dropped to a five-year low on growing concerns over tariffs and an economic recession.

Adding to the bearish sentiment towards oil is increased output by members of the OPEC+ cartel and a rise in U.S. crude oil inventories, which grew by 3.8 million barrels last week.

The decline in crude oil prices is dragging stocks of oil majors such as %Chevron (NYSE: $CVX ), %BritishPetroleum (NYSE: $BP ), and %Shell (NYSE: $SHEL ) lower, and weighing on their quarterly financial results.