Crude Posts Worst May in Seven Years as Trade-War Anxiety Builds
- China, Mexico standoffs ‘dragging oil down,’ says Infracap
- Put options volume soars to the highest since mid November
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Oil posted its worst May performance in seven years as global trade tensions escalated, undermining the outlook for energy demand growth.
Futures tumbled 5.5% in New York on Friday to a depth not seen in more than three months. Equities also plunged as investors deserted risky asset classes for the safety of gold and U.S. Treasuries. President Donald Trump’s threat to punish Mexico with tariffs because of illegal immigration darkened already-parlous global trade prospects.