# Oil plunges as US-China trade dispute heats up, Iran tension cools

> Oil fell about 5.7% on May 22, 2019, with WTI settling at $57.91, its lowest close since March 12. Brent fell to $67.64 intraday. Losses were driven by expectations of a prolonged US-China trade war and weak manufacturing data from Japan, Germany and the EU, while easing Middle East tensions added pressure.

- Date: 2019-05-23 · published 2019-05-23T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7395-oil-plunges-as-us-china-trade-dispute-heats-up-iran-tension-cools
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of weaker global growth and fuel demand push crude lower, which in turn lowers energy input costs and reduces support for biofuel-linked feedstocks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2019-05-22 | 1 | -3.6% | -4.6 | Describes the May 22 WTI drop (settling $57.91) driven by a prolonged US-China trade war outlook and weak global manufacturing data, matching the move's date and size. |
| BRENT | 2019-05-23 | 1 | -5.0% | -3.5 | Describes the same selloff on trade war expectations and weak global manufacturing, though its dating is inconsistent. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2018-04-03 | [MARKET WATCH: NYMEX, Brent crude prices drop on US-China trade tensions \| Oil & Gas Journal](https://feedsoft.ai/events/10844-market-watch-nymex-brent-crude-prices-drop-on-us-china-trade-tensions-oil-and.md) | +0.6% | +8.8% |
| WTI | 2019-08-01 | [Oil plunges, down more than 6% after Trump adds tariffs on China](https://feedsoft.ai/events/8495-oil-plunges-down-more-than-6-after-trump-adds-tariffs-on-china.md) | -12.7% | -4.7% |
| WTI | 2018-04-06 | [US oil closes 2.3% lower after Trump's latest China trade threats](https://feedsoft.ai/events/10843-us-oil-closes-2-3-lower-after-trump-s-latest-china-trade-threats.md) | +5.6% | +7.7% |
| WTI | 2025-04-08 | [Oil settles down $1 at four-year low as US-China trade war escalates](https://feedsoft.ai/events/25281-oil-settles-down-1-at-four-year-low-as-us-china-trade-war-escalates.md) | +1.5% | -1.6% |
| 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 | 2018-04-03 | [MARKET WATCH: NYMEX, Brent crude prices drop on US-China trade tensions \| Oil & Gas Journal](https://feedsoft.ai/events/10844-market-watch-nymex-brent-crude-prices-drop-on-us-china-trade-tensions-oil-and.md) | +0.1% | +10.6% |
| BRENT | 2019-08-01 | [Oil plunges, down more than 6% after Trump adds tariffs on China](https://feedsoft.ai/events/8495-oil-plunges-down-more-than-6-after-trump-adds-tariffs-on-china.md) | -13.9% | -6.4% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/05/23/oil-market-middle-east-tensions-opec-supply-cuts-in-focus.html

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