U.S. crude oil having its worst monthly performance since December.
Oil prices have traded in a tight range over the past month as inventories have stabilized, though soft economic data points to further downside risks, according to Barclays.
U.S. crude oil was little changed Thursday but is on pace for its worst month of the year and a second consecutive monthly loss.U.S. crude oil is down 3.2% in May, its worst performance since December. Brent has lost nearly 5% this month, putting the global benchmark on pace for its first negative month in five.
Oil prices have traded in a tight range over the past month as inventories have stabilized, though soft economic data points to further downside risks, according to Amarpreet Singh, energy analyst at Barclays. Demand in China appears to have softened in the first quarter, Singh told clients in a note.
Investors are waiting for the latest round of U.S. inventory data Thursday, inflation data Friday and a crucial OPEC+ meeting on Sunday that will review the group's production levels.AI hype is lifting these dividend payers. These names may actually benefit, Wells Fargo saysMoney
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