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.
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00:00It's Benzinga, and here's what's on the block.
00:02U.S. crude oil fell over 3% in May, putting it on pace for its worst monthly performance
00:07since December. Brent crude oil has lost nearly 5% in May, which would make it the commodity's
00:12first negative month in five. Oil prices have traded in a tight range over the past month,
00:17as inventories have stabilized. Soft economic data points to further downside risks for oil
00:22prices, and demand for oil in China appears to have softened in the first quarter.
00:26On May 30th, WTI and Brent crude oil showed minimal daily changes,
00:30but recorded monthly declines over 3% and nearly 5%, respectively.
00:34For all things money, visit Benzinga.com.