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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. 

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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

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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

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