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Oil fell almost 4% to two-month lows after the EIA reported a crude stock draw of about 300,000 barrels, smaller than the 900,000 expected. US crude inventories remained about 5% above the five-year average.
Fears of a slowdown from the US-China trade war added to the decline.
Stocks still sitting well above seasonal norms and weaker demand expectations from trade tensions outweigh the smaller draw, pushing prices lower.
foxbusiness.comReutersMay 30, 2019After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
Directly describes the May 30 drop of almost 4% to two-month lows on a smaller-than-expected EIA crude draw and trade-war slowdown fears.
On May 30 oil fell almost 4% to two-month lows as a small crude draw and trade war fears hurt sentiment.
