An oil pumpjack is pictured in the Permian Basin in the Loco Hills regions, New Mexico, on April 6, 2023.
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.
Demand in China appears to have softened in the first quarter, Singh told clients in a note.
Persons:
Brent, Amarpreet Singh, Singh, Tamas Varga
Organizations:
Barclays, Demand
Locations:
New Mexico, China