# Oil gets clobbered as trade war fears mount | CNN Business

> US crude prices fell nearly 6% to a 10-week low of $57.91 a barrel on Thursday as US-China trade standoff fears intensified. The selloff followed a surprise surge in US crude inventories, which rose 37 million barrels over nine weeks to the highest level since July 2017. Analysts warned of a possible renewed supply glut.

- Date: 2019-05-23 · published 2019-05-23T12:00:00.000Z
- Category: trade · region US · magnitude medium
- Page: https://feedsoft.ai/events/6606-oil-gets-clobbered-as-trade-war-fears-mount-cnn-business
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Trade-war fears cut demand expectations while a rising inventory glut lowers crude prices. Cheaper crude reduces the cost of energy-linked inputs and weakens biofuel economics for feed-grain markets.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-05-23 | 1 | -5.0% | -3.5 | Describes the nearly 6% US crude drop on trade standoff fears plus a surge in US inventories raising glut concerns. |
| WTI | 2019-05-22 | 1 | -3.6% | -4.6 | Notes a nearly 6% drop to a 10-week low on trade fears following a surge in US crude inventories to the highest since July 2017. |
| BRENT | 2019-06-05 | 5 | -12.0% | -3.0 | A near 6% crude drop to a 10-week low on trade war fears plus a surge in US inventories shows demand and supply glut pressures, though it falls slightly before the 5-day window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-06-03 | [Oil falls as trade worries mount, Saudi comments limit losses](https://feedsoft.ai/events/11307-oil-falls-as-trade-worries-mount-saudi-comments-limit-losses.md) | +0.9% | +9.0% |
| WTI | 2019-08-05 | [Trade war fears send shudder through stock markets](https://feedsoft.ai/events/8382-trade-war-fears-send-shudder-through-stock-markets.md) | -2.2% | -1.1% |
| WTI | 2019-06-02 | [Crude posts worst May in seven years as trade-war anxiety builds](https://feedsoft.ai/events/11593-crude-posts-worst-may-in-seven-years-as-trade-war-anxiety-builds.md) | +0.9% | +9.0% |
| WTI | 2019-05-31 | [Crude oil prices tumble to 3-month low \| Fox Business](https://feedsoft.ai/events/9890-crude-oil-prices-tumble-to-3-month-low-fox-business.md) | -6.9% | +4.9% |
| WTI | 2019-06-03 | [Oil falls as trade fears offset expectations for prolonged supply cuts](https://feedsoft.ai/events/11308-oil-falls-as-trade-fears-offset-expectations-for-prolonged-supply-cuts.md) | +0.9% | +9.0% |
| BRENT | 2019-06-03 | [Oil falls as trade worries mount, Saudi comments limit losses](https://feedsoft.ai/events/11307-oil-falls-as-trade-worries-mount-saudi-comments-limit-losses.md) | -2.9% | +2.1% |
| BRENT | 2019-08-05 | [Trade war fears send shudder through stock markets](https://feedsoft.ai/events/8382-trade-war-fears-send-shudder-through-stock-markets.md) | -5.8% | -1.3% |
| BRENT | 2019-06-02 | [Crude posts worst May in seven years as trade-war anxiety builds](https://feedsoft.ai/events/11593-crude-posts-worst-may-in-seven-years-as-trade-war-anxiety-builds.md) | -2.9% | +2.1% |

## Sources

- cnn.com: https://www.cnn.com/2019/05/23/investing/oil-prices-plunge-trade-war

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.