Bloomberg: Global oil prices may suffer a fifth consecutive monthly drop in May
This is expected to be the worst performance since 2017
It is noted that in the securities markets, investment managers trading derivatives tied to oil and fuel prices are the most "bearish" they have been in the last decade. Brent crude has fallen below $75 per barrel, losing nearly 2% over the previous two sessions.
This is reported by Bloomberg.
In addition to the fallout from the fight over the "debt ceiling", traders are worried about the impact of China's weak economic recovery on energy demand and the possibility of a recession in the United States.
Oil declined along with other raw materials on Monday, and metals, including copper and iron ore, became cheaper. The Bloomberg Commodity Spot Index lost about 9% this year and recorded its lowest close last week since the end of 2021.
Meanwhile, in Canada, the situation with forest fires in the largest energy-producing province of Alberta remained unstable over the weekend, and disruptions in oil and gas extraction mean buyers are facing a reduction in supplies. At least two buyers received notices of force majeure circumstances and a reduction in supplies of low-sulphur Canadian oil, the publication notes.
Background. Earlier, Mind reported that the IEA raised its forecast for global oil demand by 200,000 barrels – to 102 million barrels per day.
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