US Crude Oil Set For Worst Monthly Performance Since December, Falls More Than 3% In May | national news

US crude fell more than 3% in May, putting it on pace for its worst monthly performance since December. Brent crude lost almost 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. Weak economic data points to further downside risks for oil prices, and Chinese oil demand appears to have eased in the first quarter. On May 30, West Texas Intermediate and Brent crude showed little daily change, but posted monthly declines of more than 3% and nearly 5%, respectively.