Crude oil futures have experienced a volatile month. Prices declined sharply in April, mainly due to by about the global economy and concern about a recession. Prices also remained lower because of weaker oil demand. Traders have had a negative view towards industrial activity of late. Brent crude dropped around $72 per barrel in early May after seeing prices near $88 per barrel in April.
Interest rate activity is also pressuring the energy markets.
OPEC also announced production cuts. Investors anticipated that these cuts would provide support but the outside econom factors proved to be to strong.
As we close out the month, oil prices appear stronger and should gain some strength as we head into the warmer months where more travel amount consumers occurs.
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