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Oil prices fell sharply on Friday to their lowest levels in more than three months. Concerns about President Trump's trade policy and a slowdown in the Chinese economy raised doubts about global demand.
Weaker expected demand from the US-China trade dispute and slower Chinese growth reduces crude consumption expectations and pressures prices lower.
wsj.comJoe Wallace and Sarah McFarlaneMay 31, 2019After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Oil dropped sharply to 3+ month lows on May 31 on trade policy and China slowdown fears that cut global demand expectations.
Trade tension and China slowdown fears cut global demand expectations and pushed prices to three-month lows heading into June 3.
