Brent Crude Oil in May – Worst Month Since 2008
Brent Crude Oil prices fell 15% in May. While closing the day at $101.87, the futures commodity is down $17.60 for the month, marking the rost monthly loss since December 2008.
The price decline was due to rising US inventory levels, poor PMI (Purchasing Managers’ Index) data signaling a slower US economy than expected, and continued trouble in Europe over their debt. The debt crisis continues to drag down the global economies as Greece considers their options, including an exit from the EuroZone entirely.
Brent July crude fell $1.60, or 1.55 percent, to settle at $101.87 a barrel, having traded from $101.27 to $104.16. For the month, Brent shed $17.60 or 14.73 percent, the biggest monthly percentage loss since December 2008.
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