# Oil Tanks On Worst Day In Six Months | OilPrice.com

> Oil prices plummeted on Thursday as the escalating US-China trade war hit equities and dampened oil demand growth expectations. WTI fell below $60 for the first time since late March, and Brent dipped below $70. China said talks could not resume until the US corrected its 'wrong actions', and a weak US manufacturing reading added to the selloff.

- Date: 2019-05-23 · published 2019-05-23T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6610-oil-tanks-on-worst-day-in-six-months-oilprice-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Escalating tariff retaliation between the two largest economies lowers global growth and energy demand outlooks. Weaker crude prices reduce biofuel economics and can soften demand for feed-grain and oilseed 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 | Covers the May 23 worst day in six months as trade war escalation hit equities and oil demand expectations, with weak US manufacturing data. |
| WTI | 2019-05-22 | 1 | -3.6% | -4.6 | Describes the worst oil day in six months as the trade war hit equities and demand growth expectations, with weak US manufacturing data adding to the selloff. |
| BRENT | 2019-06-05 | 5 | -12.0% | -3.0 | Trade-war escalation hit equities and oil demand expectations, with Brent dipping below $70, a sentiment and demand channel, but the date precedes the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-05-31 | [Oil falls over 3% on fresh trade worries, posts biggest monthly drop in six months](https://feedsoft.ai/events/9883-oil-falls-over-3-on-fresh-trade-worries-posts-biggest-monthly-drop-in-six-months.md) | -6.9% | +4.9% |
| WTI | 2019-08-04 | [Focus on Fracking: oil prices see largest one-day loss in 53 months; natural gas prices fall to 38 month low; oil supplies lowest in 38 weeks](https://feedsoft.ai/events/7908-focus-on-fracking-oil-prices-see-largest-one-day-loss-in-53-months-natural-gas.md) | -2.2% | -1.1% |
| WTI | 2019-08-25 | [Oil Markets Hit Hard By Trade War Escalation \| OilPrice.com](https://feedsoft.ai/events/57749-oil-markets-hit-hard-by-trade-war-escalation-oilprice-com.md) | +1.8% | +7.1% |
| WTI | 2019-08-23 | [New Trade War Escalation Sends Shockwaves Through Oil Markets \| OilPrice.com](https://feedsoft.ai/events/57750-new-trade-war-escalation-sends-shockwaves-through-oil-markets-oilprice-com.md) | +2.4% | +5.1% |
| WTI | 2019-05-23 | [How Trump And Xi Killed The Oil Rally \| OilPrice.com](https://feedsoft.ai/events/6611-how-trump-and-xi-killed-the-oil-rally-oilprice-com.md) | -4.2% | -12.5% |
| BRENT | 2019-05-31 | [Oil falls over 3% on fresh trade worries, posts biggest monthly drop in six months](https://feedsoft.ai/events/9883-oil-falls-over-3-on-fresh-trade-worries-posts-biggest-monthly-drop-in-six-months.md) | -8.8% | -2.2% |
| BRENT | 2019-05-23 | [How Trump And Xi Killed The Oil Rally \| OilPrice.com](https://feedsoft.ai/events/6611-how-trump-and-xi-killed-the-oil-rally-oilprice-com.md) | -4.6% | -9.1% |
| BRENT | 2025-04-04 | [Oil dives 7% to lowest in over 3 years on China's tariffs](https://feedsoft.ai/events/6315-oil-dives-7-to-lowest-in-over-3-years-on-china-s-tariffs.md) | -9.8% | -13.9% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Oil-Prices/Oil-Tanks-On-Worst-Day-In-Six-Months.html

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