Crude tumbles towards worst May performance in 7 years on trade-war anxiety

Oil slid towards its worst May performance in seven years, as global trade tensions escalated, undermining the outlook for energy demand growth.

West Texas Intermediate crude for July fell $1.65 to $54.94 a barrel at 10:06 pm (IST) on the New York Mercantile Exchange. For the month, the futures were down 14 per cent and on track for the worst May since 2012. Brent for July settlement retreated $2.22 to $64.65 on London’s ICE Futures Europe exchange.

The global benchmark crude was trading at a premium of $9.71 a barrel to WTI.

Equities also plunged as investors deserted risky asset classes for the