Oil prices are falling as trade wars fuel the fears of an economic slowdown
Oil prices fell about 1% on Monday, continuing their losses of more than 30% since last Friday as crude prices fell, the biggest monthly decline in the last half-year, as demand stagnated, as trade wars fed fears of economic slowdown. my world.
Brent crude for the month was $ 61.28 a barrel, down 71 cents, or 1.1 percent, from Friday's close. US West Texas Intermediate crude futures were $ 53.09 a barrel down 41 cents, or 0.8 percent, from the previous settlement price.
The declines came after the price fell more than 3 percent on Friday, making May the worst month for crude futures since last November. "Oil prices are falling due to new trade tensions after US President Donald Trump raised global trade tensions by threatening to impose customs duties on Mexico, one of the largest trading partners of the United States and a major supplier of oil," said Methone Fernando, investment analyst at Rivkin Securities, in a note today. Raw. "
In a traditional move to financial markets during cloudy times, gold rose to its highest level in more than two months as investors sold high-risk assets such as oil and put their money into assets considered safe haven, such as the precious metal.
The US consumption of oil in March "fell significantly on an annualized basis for the first time since September 2017, as demand for oil fell about 370 thousand barrels per day on a year-on-year basis," Barclays said in a note published on Friday.
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