Oil posts biggest drop of year on rising trade tensions
West Texas Intermediate (WTI) crude for July delivery settled down $3.51/bbl, or 5.7%, at $57.91/bbl, marking the lowest settle value since March. Brent, the other global benchmark, also fell by $3.23/bbl, or 4.6%, to settle at $67.76/bbl on May 23.
Oil prices faced downward pressure from the trade standoff between the world’s largest economies, the US and China, as investors’ fears over a deceleration in the global economic growth grew.
In terms of supply, the Energy Information Administration reported that the US crude oil inventories for the week ended May 17 added 4.7 million barrels from the previous week. Economists stated that this also gave rise to concerns over a potential glut.
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