Oil suffers biggest 5-day drop since 2022, metals plunge as trade war escalates

Oil prices fell to a four-year low on Wednesday in its worst five-day losing streak in three years, while several commodities, including base metals, tumbled as the trade war between China and the U.S. is set to intensify. Stocks in Asia extended a slide on Wall Street as U.S. President Donald Trump looked set to press ahead with whopping 104% duties on Chinese goods as global recession fears gripped financial markets. "Crude oil extended losses amid signs of escalation in the trade war," ANZ said in a note. "Copper has lost nearly 10% since Trump announced his reciprocal tariffs on…