For the month of May, crude oil fell -11.41% on the month. That was the worst month since November 2021 when the price fell over 20%. The low today was the lowest level since May 4.
Slower China PMI data, and some weaker data the US recently, is pressuring the price. Data from GasBuddy revealed that US gasoline demand over the Memorial Day weekend was down -1.1% from 2022, suggesting a weak start to the summer driving season.
OPEC's JMMC will meet on June 4, but any significant action from the meeting is viewed as a long shot, especially after Russia downplayed the potential for action,
Looking at the hourly chart below, the bounce off the low price today extended up to the 38.2% retracement of the weeks trading wage. The high for the week was on Monday at $73.55. The low was reached today at $67.03. The 38.2% retracement came in at $69.52. The corrective high price off the low reached $69.48 before rotating back to the downside.
