Brent oil futures dropped 0.55% to $37.63 by 10:10 PM ET (3:10 AM GMT) and WTI futures slid 0.62% to $35.27.
WTI futures posted gains of 88% during May, ending the month with a bang with its best performance since September 1990.
But as May turned into June, investor sentiment soured with US-China tensions continuing to simmer over China’s national security laws for Hong Kong and Macau.
The National People’s Congress (NPC) passed a bill to enact them in the two special administrative regions on Thursday.
US President Donald Trump promised “strong” and “meaningful” actions against China on Friday, although he did not provide specifics, in response to the NPC decision.
Trump’s Secretary of State Mike Pompeo also said on Sunday that the US had no basis to keep Hong Kong’s special trade status as China marches forward to enact the laws.
Protests in dozens of US cities after the death of George Floyd on Sunday also raised concerns about oil’s demand recovery, as well as fears of a second wave of Covid-19 cases, in the country.
Meanwhile, <a href=’https://staging.theenergyyear.com/companies-institutions/opec/’>OPEC announced on Sunday that it was considering extending existing production cuts by one to three months. The organization also said that it was close to an agreement to bring forward the date of its next meeting to June 4 from June 9-10.
By Investing.com: https://www.investing.com/news/commodities-news/oil-down-as-uschina-tensions-continue-to-simmer-2187906
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More
This website uses cookies.