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Oil prices plummeted on Thursday as the escalating US-China trade war hit equities and dampened oil demand growth expectations. WTI fell below $60 for the first time since late March, and Brent dipped below $70.
China said talks could not resume until the US corrected its 'wrong actions', and a weak US manufacturing reading added to the selloff.
Escalating tariff retaliation between the two largest economies lowers global growth and energy demand outlooks. Weaker crude prices reduce biofuel economics and can soften demand for feed-grain and oilseed markets.
oilprice.comTsvetana Paraskova23 Mei 2019Setelah 80 peristiwa perdagangan bearish sebelumnya, Minyak Mentah (WTI) bergerak median -2,2% selama 5 sesi (30% lebih tinggi; separuh tengah -6,9% sampai +0,8%), dan -1,5% selama 20 sesi.
Setelah 56 peristiwa perdagangan bearish sebelumnya, Minyak Mentah (Brent) bergerak median -5,6% selama 5 sesi (20% lebih tinggi; separuh tengah -9,0% sampai -1,7%), dan -4,5% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
Covers the May 23 worst day in six months as trade war escalation hit equities and oil demand expectations, with weak US manufacturing data.
Describes the worst oil day in six months as the trade war hit equities and demand growth expectations, with weak US manufacturing data adding to the selloff.
Trade-war escalation hit equities and oil demand expectations, with Brent dipping below $70, a sentiment and demand channel, but the date precedes the window.
