OPEC Monthly Oil Market Report for June 2019

Crude Oil Price Movements

The OPEC Reference Basket (ORB) eased in May, dropping m-o-m by 81¢, or 1.1%, to average $69.97/b. Crude oil futures prices ended May sharply lower, reaching their lowest levels since February, registering high volatility, particularly late in the month, fuelled by uncertainty about world economic and global oil demand outlooks amid intensifying trade tensions between the US and China.

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