U.S. Crude Oil Set for Worst Monthly Performance Since December, Falls Over 3% in May

U.S. crude oil fell over 3% in May, putting it on pace for its worst monthly performance since December. Brent crude oil has lost nearly 5% in May, which would make it the commodity's first negative month in five. Oil prices have traded in a tight range over the past month as inventories have stabilized. Soft economic data points to further downside risks for oil prices, and demand for oil in China appears to have softened in the first quarter. On May 30th, West Texas Intermediate and Brent crude oils showed minimal daily changes but recorded monthly declines of over 3% and nearly 5%, respectively.