• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 min Which producers will shut in first?
  • 9 mins The Most Annoying Person You Have Encountered During Lockdown
  • 2 mins Its going to be an oil bloodbath
  • 9 hours We are witnesses to the end of the petroleum age
  • 17 hours As Saudi Arabia Boosts Oil Output, Some Tankers Have Nowhere to Go
  • 14 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 9 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 22 hours Death Match: Climate Change vs. Coronavirus
  • 12 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 13 hours >>The falling of the Persian Gulf oil empires is near <<
  • 15 hours Natural gas price to spike when USA is out of the market
Alt Text

Gasoline Futures Fall To $0.50 As Demand Plummets

Gasoline futures have plummeted to…

Alt Text

The Inevitable Outcome Of The Oil Price War

Russia, with Saudi Arabia either…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Set For Worst Monthly Drop Since November

After finishing at a three-month low on Thursday, oil prices continued to slide on Friday morning and are on course to end the month of May with the largest monthly drop since last November, as trade tensions weigh on investors’ outlook on the global economy and oil demand.

As of 08:45 a.m. EDT on Thursday WTI Crude was down 2.09 percent at $55.41, while Brent Crude was trading down 2.14 percent at $63.93.  

Oil prices were down for most of the last week of May and are now set for their biggest monthly decline in six months, since November 2018, as intensifying trade tensions outweighed U.S. crude oil stockpiles draws.

The price of oil tanked on Wednesday morning after China upped the ante in the trade war, hinting at stifling rare earth minerals exports to the United States—a move that rekindled concern about the global economy and had investors flee risk assets.

Later on Wednesday, oil prices rose after the American Petroleum Institute (API) reported a large draw in crude oil inventory of 5.265 million barrels for the week ending May 24, coming in over analyst expectations of an 857,000-barrel drawdown.

On Thursday, the EIA reported a crude oil inventory draw of 0.3 million barrels for the week to May 24, but this smaller than expected draw sent oil prices down later in the day.

On Friday, poor economic data from China and another trade tariff spat weighed again on equity markets and on oil prices.

China’s manufacturing activity shrank more than expected, government data showed, making investors wonder how fast Chinese growth is slowing and how the U.S.-China trade war will weigh on economic growth in China and the rest of the world.

President Trump said on Thursday that the U.S. is imposing a 5-percent tariff on all goods imported from Mexico starting June 10, to make Mexico resolve the “illegal migration crisis”. If Mexico fails to alleviate the crisis, tariffs will gradually rise until they reach 25 percent, President Trump said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Tripp Mills on May 31 2019 said:
    Thank you author for the post - I appreciate you taking time. I have to say and you will likely agree - why are energy investors CONTINUALLY punished over and over and over again? Is the U.S. anti - energy? I mean all of the stats (I don't look every second at all of them however - common sense does tend to rule) show oil should be WAY WAY WAY higher! Are we just punishing investors for being frankly kind enough to fund continuous developments alongside our great companies that make energy cleaner, more efficient, greener, etc. THE ERA OF MONEY LOSING ENERGY STOCK PRICE KILLING CHEAP ENERGY NEEDS TO COME TO AN END! All the best and thank you for posting! P.S. if you get energy dividends make sure to ensure they can be in cash via your friendly neighborhood discount (free accounts or whatever LMAO) brokerages. Have a great day! Tripp

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News