Oil prices have partially recovered amid rising US-Iran tensions. Meanwhile, China's May trade data indicates a significant drop in crude oil imports alongside mixed results for base metals.
Key Takeaways
- 1.Oil prices recovered after a sell-off due to renewed US-Iran tensions.
- 2.Chinese crude oil imports dropped to the lowest level since October 2017 in May.
- 3.US crude oil inventories are estimated to have fallen by 9.1m barrels according to API.
Table of Contents
- The Commodities Feed: Middle East re-escalation sends oil higher
- Energy- Chinese oil imports collapse
- Metals- China trade data
- Agriculture- China soybean imports jump
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Authors
Warren PattersonEwa Manthey
Securities
WTI Crude OilICE Brent Crude
Themes
Geopolitical RiskSupply Chain Disruptions
Regions
Middle EastAsia PacificChinaUnited StatesIran