OilNSE -0.61 % posted its worst May performance in seven years as global trade tensions escalated, undermining the outlook for energy demand growth.
Futures tumbled 5.5 per cent in New York on Friday to a depth not seen in more than three months. Equities also plunged as investors deserted risky asset classes for the safety of gold and US Treasuries. President Donald Trump’s threat to punish Mexico with tariffs because of illegal immigration darkened already-parlous global trade prospec ..
Oil surged more than 40 per cent to start the year on the strength of OPEC output cuts and crises in Venezuela, Iran and other suppliers. But since peaking in late April, prices have fallen off more than 19 per cent as the US-China trade dispute intensified. A jump in US gasoline stockpiles disclosed in a government report this week added to angst about slackening demand.
“People are trading to the market and that’s dragging down oil,” said Jay Hatfield, whose energyfocused Infrastructu ..
A key Chinese manufacturing gauge for May dropped more than forecast. The world’s second-largest economy is mobilizing its state-run energy industry to prepare for a long struggle with the US, and also has readied a plan to restrict exports of rare earths, according to people familiar with the matter.
For more, listen to Bloomberg’s mini-podcast on global commodities markets.
“Given oil markets are tethered to the hip of risk markets currently, this is bad news for oil bulls,” ..
Futures tumbled 5.5 per cent in New York on Friday to a depth not seen in more than three months. Equities also plunged as investors deserted risky asset classes for the safety of gold and US Treasuries. President Donald Trump’s threat to punish Mexico with tariffs because of illegal immigration darkened already-parlous global trade prospec ..
Oil surged more than 40 per cent to start the year on the strength of OPEC output cuts and crises in Venezuela, Iran and other suppliers. But since peaking in late April, prices have fallen off more than 19 per cent as the US-China trade dispute intensified. A jump in US gasoline stockpiles disclosed in a government report this week added to angst about slackening demand.
“People are trading to the market and that’s dragging down oil,” said Jay Hatfield, whose energyfocused Infrastructu ..
A key Chinese manufacturing gauge for May dropped more than forecast. The world’s second-largest economy is mobilizing its state-run energy industry to prepare for a long struggle with the US, and also has readied a plan to restrict exports of rare earths, according to people familiar with the matter.
For more, listen to Bloomberg’s mini-podcast on global commodities markets.
“Given oil markets are tethered to the hip of risk markets currently, this is bad news for oil bulls,” ..
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