At the beginning of the Asian market on May 24, the international oil price rebounded technically. Oil prices fell more than 5% overnight, falling for the second consecutive day, refreshing the near two-month low, as trade tensions curbed demand prospects, causing the world's two major crude oil prices to hit their biggest one-day drop in five months.
Although trade friction is the main cloud of economic growth and demand forecasting, market participants also pointed out that the plunge in oil prices was also affected by weak data in Europe and the United States and excess crude oil inventories. However, OPEC production cuts and geopolitical risks will slow down the oil price decline.
NYMEX crude oil futures fell 6.63% on the previous day, hitting a low of 57.33 US dollars per barrel since March 13; ICE Brent crude oil futures fell 5.59% on the previous day, a new low since March 28 to 67.02 US dollars / barrel.
Earlier US official EIA data showed that US crude oil inventories rose last week, reaching its highest level since July 2017. Macro indicators in the US and Europe show that economic growth is not as strong as expected.
As concerns over Sino-US trade conflicts intensify, oil prices have fallen along with other markets around the world. The trade conflict between the two largest economies in the world is rapidly evolving into a technological cold war.