# How Trump And Xi Killed The Oil Rally | OilPrice.com

> WTI fell below $60 per barrel for the first time in two months, driven by fears of a global economic slowdown. Top US and Chinese officials adopted more nationalistic rhetoric, and the US had raised tariffs on Chinese goods and taken a hardline stance on Huawei. Analysts expect the trade conflict to be protracted.

- Date: 2019-05-23 · published 2019-05-23T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6611-how-trump-and-xi-killed-the-oil-rally-oilprice-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A protracted tariff dispute between the US and China dampens expected global oil demand and pressures crude prices lower. Weaker energy costs also reduce biofuel margins that support 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 | Explains the sentiment shift as US-China rhetoric hardened and slowdown fears pushed oil below $60. |
| WTI | 2019-05-22 | 1 | -3.6% | -4.6 | Global slowdown fears from hardening US-China rhetoric pushed WTI below $60. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-03-30 | [FreightWaves oil report: "infected" oil, IMO2020 and the fall of the Trump tweet - FreightWaves](https://feedsoft.ai/events/60274-freightwaves-oil-report-infected-oil-imo2020-and-the-fall-of-the-trump-tweet.md) | +4.9% | +5.4% |
| 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 | 2019-05-23 | [Oil Tanks On Worst Day In Six Months \| OilPrice.com](https://feedsoft.ai/events/6610-oil-tanks-on-worst-day-in-six-months-oilprice-com.md) | -4.2% | -12.5% |
| 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 | 2019-08-23 | [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% |
| BRENT | 2019-05-23 | [Oil Tanks On Worst Day In Six Months \| OilPrice.com](https://feedsoft.ai/events/6610-oil-tanks-on-worst-day-in-six-months-oilprice-com.md) | -4.6% | -9.1% |
| 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 | 2019-08-05 | [Oil falls 3% as trade war concerns hit demand outlook](https://feedsoft.ai/events/10826-oil-falls-3-as-trade-war-concerns-hit-demand-outlook.md) | -5.8% | -1.3% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Energy-General/How-Trump-And-Xi-Killed-The-Oil-Rally.html

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