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Oil prices slid to a three-month low on Friday, with Brent trading down 2.6% at $63.60 and WTI down 2.4% at $55.25. Trump's plan for escalating tariffs on Mexican imports and weak Chinese manufacturing data drove the decline.
Risk assets broadly retreated.
Tariffs threaten Mexican crude flows to US refiners and weak Chinese data signals slower demand, both of which pressure crude prices lower.
foxbusiness.comDow Jones NewswiresMay 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.
