# MARKET WATCH: Oil prices tumble after US-China news | Oil & Gas Journal

> Light sweet crude contracts for July and August fell more than $3.50 per barrel on May 23, 2019, the sharpest one-day drop since December 2018. Brent's July contract settled under $68 after falling over $3. The EIA reported a 4.7 million barrel US crude inventory increase, and Trump said Huawei complaints might be resolved in a US-China trade deal.

- Date: 2019-05-24 · published 2019-05-24T12:00:00.000Z
- Category: trade · region US · magnitude medium
- Page: https://feedsoft.ai/events/9796-market-watch-oil-prices-tumble-after-us-china-news-oil-and-gas-journal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Trade-deal hopes and rising US supplies both point to lower crude demand and prices. Weaker energy costs reduce biofuel and ethanol feedstock values, while trade-war easing can support Chinese feed and soybean demand.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-05-23 | 1 | -5.0% | -3.5 | Reports the sharpest one-day drop since December on May 23 with Brent down over $3, linked to US-China news and the inventory build. |
| WTI | 2019-05-22 | 1 | -3.6% | -4.6 | Reports the sharpest one-day drop since December 2018 on US-China news and the EIA inventory build. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-08-02 | [MARKET WATCH: NYMEX oil prices tumble on US-China relations \| Oil & Gas Journal](https://feedsoft.ai/events/8498-market-watch-nymex-oil-prices-tumble-on-us-china-relations-oil-and-gas-journal.md) | -2.2% | +5.5% |
| 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 | 2020-09-07 | [Oil falls after Saudi cuts prices, China slows imports](https://feedsoft.ai/events/7475-oil-falls-after-saudi-cuts-prices-china-slows-imports.md) | -6.2% | -1.4% |
| WTI | 2019-06-07 | [Fuels Market Watch Weekly, June 7th Edition - Crude, Gas, Diesel Forward Prices](https://feedsoft.ai/events/10750-fuels-market-watch-weekly-june-7th-edition-crude-gas-diesel-forward-prices.md) | -0.5% | +8.8% |
| WTI | 2019-08-05 | [Oil resumes steep drop as U.S.-China trade row raises demand worries - MarketWatch](https://feedsoft.ai/events/12578-oil-resumes-steep-drop-as-u-s-china-trade-row-raises-demand-worries-marketwatch.md) | -2.2% | -1.1% |
| BRENT | 2019-08-02 | [MARKET WATCH: NYMEX oil prices tumble on US-China relations \| Oil & Gas Journal](https://feedsoft.ai/events/8498-market-watch-nymex-oil-prices-tumble-on-us-china-relations-oil-and-gas-journal.md) | -7.9% | -1.4% |
| 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 | 2020-09-07 | [Oil falls after Saudi cuts prices, China slows imports](https://feedsoft.ai/events/7475-oil-falls-after-saudi-cuts-prices-china-slows-imports.md) | -6.1% | -7.7% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/17279319/market-watch-oil-prices-tumble-after-us-china-news

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