Oil prices fell on Monday, May 19, amid a deterioration in the US credit rating by Moody's and weak economic indicators from China.
This is reported by Economic Pravda with reference to Reuters.
The report says that Brent futures fell by 35 cents, or 0.5%, to USD 65.06 per barrel.
American WTI lost 26 cents, or 0.4%, and is trading at USD 62.23 per barrel.
The key factor was the downgrade of the US sovereign rating due to the increase in public debt to USD 36 trillion.
Data from China are also not encouraging: industrial production growth slowed in April, despite the fact that the result was better than forecasts.
Markets remain cautious as the US-China trade truce looks temporary and Donald Trump's approach is unpredictable.
The situation is also affected by uncertainty over nuclear talks with Iran and new tensions between russia and Estonia - Moscow detained a Greek tanker leaving an Estonian port.
In addition, the number of operating drilling rigs in the US fell - to the lowest level since January - 473.
As Ukrainian News Agency earlier reported, oil prices were heading for a second consecutive week of growth, thanks to the reduction in tensions in trade relations between the US and China, but the potential return of Iranian oil to the market limited further price growth.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.