Oil prices extend drop as trade wars stoke global economic fears
SINGAPORE - Oil prices fell more than 1% on Monday, extending losses of over 3% from Friday, when crude markets racked up their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown.
U.S. West Texas Intermediate crude futures were at $52.88 per barrel, down 62 cents, or 1.2% from its last settlement. Edward Moya, senior market analyst at futures brokerage OANDA in New York, said last month’s crude oil price fall of more than 10% was “the worst May performance in seven years as the escalation of the global trade war saw the global growth outlook crumble”.
Barclays bank said in a note published last Friday that U.S. March oil consumption “declined significantly year-on-year for the first time since September 2017 ... petroleum demand fell almost 370,000 barrels per day year-on-year on weak consumption across the barrel.”U.S. bank Goldman Sachs said in a note published on Sunday that “escalating trade wars and weaker activity indicators have finally caught up with oil market sentiment”.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil mixed as OPEC cuts, U.S. sanctions prop up prices while trade war weighsOil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and ...
Read more »
Oil prices rise on fall in U.S. crude stocks, but trade war worries cap gainsOil prices rose on Thursday after a bigger-than-expected decline in U.S. crude i...
Read more »
Oil rises on declining U.S. crude stocks, but trade war worries lingerOil prices rose on Thursday after an industry report showed a bigger-than-expect...
Read more »
Mexican president urges oil independence amid U.S. trade tensionsMexican President Andres Manuel Lopez Obrador reiterated on Sunday the need for ...
Read more »
Russia's oil production continues to fall after Druzhba contamination: sourcesRussia's oil production continued to fall this month, two industry sources ...
Read more »
TSA changes policy to allow some CBD oil and medications on planesThe change was prompted by the only FDA-approved drug that contains CBD oil, Epidiolex, which is used to treat seizures in children with epilepsy.
Read more »
Libya's intensifying conflict could trigger the next major oil 'supply shock,' analysts warnOil output disruption in the country depends very much on how the fighting around Tripoli evolves.
Read more »
Russia to consider extending oil output cut with OPEC: deputy PMRussia will carefully consider extending its oil output reduction agreement with...
Read more »
John Bolton says Iran 'almost certainly' bombed oil tankers off the UAE coastBolton also suggested Iran is still seeking a nuclear arsenal despite its adherence to the 2015 nuclear deal.
Read more »
Oil prices gain after fall in U.S. crude inventoriesOil prices rose on Thursday after an industry report showed a decline in U.S. cr...
Read more »