# Oil Falls Below $60 on Rising U.S. Inventories and Trade Tension - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com

> Oil in New York fell below $60 a barrel for the first time since March after a surprise jump in US crude inventories. Fears of a full trade war between the US and China weighed on demand outlook, and Brent fell below $70. Global equities also weakened after reports the White House considered restricting technology exports to Chinese surveillance firms.

- Date: 2019-05-23 · published 2019-05-23T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6608-oil-falls-below-60-on-rising-u-s-inventories-and-trade-tension-energy-news-top
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Trade-war escalation weakens global growth expectations and cuts crude demand forecasts. Lower oil prices reduce energy-linked costs and pressure biofuel economics that support feed-grain and oilseed demand.

## 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 | Brent fell below $70 on the inventory surprise and trade war fears weighing on demand, with equities weakening on tech export curbs. |
| WTI | 2019-05-22 | 1 | -3.6% | -4.6 | WTI fell below $60 on a surprise US crude inventory build and trade-war demand fears, the combined supply-glut and demand-sentiment mechanism. |
| BRENT | 2019-06-05 | 5 | -12.0% | -3.0 | Rising US inventories and trade war fears pushed WTI below $60 and Brent below $70, but the timing is earlier than the 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 | 2019-05-31 | [Oil Prices Slide on Trade Tensions and China Fears](https://feedsoft.ai/events/9884-oil-prices-slide-on-trade-tensions-and-china-fears.md) | -6.9% | +4.9% |
| WTI | 2019-05-23 | [Oil plunges as US-China trade dispute heats up, Iran tension cools](https://feedsoft.ai/events/7395-oil-plunges-as-us-china-trade-dispute-heats-up-iran-tension-cools.md) | -4.2% | -12.5% |
| WTI | 2018-04-02 | [Canadian dollar dips as stocks and oil tumble on rising trade tensions - The Globe and Mail](https://feedsoft.ai/events/65746-canadian-dollar-dips-as-stocks-and-oil-tumble-on-rising-trade-tensions-the.md) | -4.4% | +5.0% |
| WTI | 2019-08-05 | [Oil Slumps Into Bear Market as Trade Tensions Feed Demand Angst - Bloomberg](https://feedsoft.ai/events/10827-oil-slumps-into-bear-market-as-trade-tensions-feed-demand-angst-bloomberg.md) | -2.2% | -1.1% |
| 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 | 2019-05-31 | [Oil Prices Slide on Trade Tensions and China Fears](https://feedsoft.ai/events/9884-oil-prices-slide-on-trade-tensions-and-china-fears.md) | -8.8% | -2.2% |
| BRENT | 2019-05-23 | [Oil plunges as US-China trade dispute heats up, Iran tension cools](https://feedsoft.ai/events/7395-oil-plunges-as-us-china-trade-dispute-heats-up-iran-tension-cools.md) | -4.6% | -9.1% |

## Sources

- energynow.com: https://energynow.com/2019/05/oil-falls-below-60-on-rising-u-s-inventories-and-trade-tension/

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