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US crude settled at $53.25, near a four-month low, as U.S.-China trade war fears and proposed Mexico tariffs weighed on demand. Saudi Arabia said OPEC and Russia would keep managing supply to avoid a surplus, and a possible Norwegian strike offered some support.
Demand concerns from tariffs are pressuring crude, while OPEC supply management limits downside. Energy price direction feeds into biofuel economics and soybean oil values.
cnbc.comReutersJun 3, 2019After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Same-day report of oil falling to near four-month lows on trade war fears and Mexico tariffs weighing on demand, partly offset by supply-cut expectations.
On June 3 US crude settled near a four-month low as trade war fears and Mexico tariffs weighed on demand, outweighing supply-cut expectations.
