Oil prices extend drop as trade wars stoke global economic fears
SINGAPORE - Oil prices fell more than 1% on Monday, extending losses of over 3% from Friday, when crude markets racked up their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown.
U.S. West Texas Intermediate crude futures were at $52.88 per barrel, down 62 cents, or 1.2% from its last settlement. Edward Moya, senior market analyst at futures brokerage OANDA in New York, said last month’s crude oil price fall of more than 10% was “the worst May performance in seven years as the escalation of the global trade war saw the global growth outlook crumble”.
Barclays bank said in a note published last Friday that U.S. March oil consumption “declined significantly year-on-year for the first time since September 2017 ... petroleum demand fell almost 370,000 barrels per day year-on-year on weak consumption across the barrel.”U.S. bank Goldman Sachs said in a note published on Sunday that “escalating trade wars and weaker activity indicators have finally caught up with oil market sentiment”.
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