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Posted: 03/06/2019

Heating Oil Price Market Information May 2019

Heating Oil Price Market Information May 2019.

Oil Market, Exchange Rate, and Heating Oil Price Information May 2019.

Brent Crude Dated ($ per Barrel)

Price at Start of Month: $71.95                Price at End of Month: $65.52

Highest Price in Month: $74.76                Lowest Price in Month: $65.52

Pound £ to US Dollar Rate $ Exchange Rate FT:

Start of Month: 1.3082                              End of Month: 1.2604

Kerosene (Heating Oil) Cargo Price $ per tonne       

Start of Month: $666.25                                           End of Month: $613.25

Highest Price in Month: $700.50                            Lowest Price in Month: $613.25

Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 4.89 ppl

Oil prices have fallen since the middle of May with crude markets racking up their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown. Oil prices slid on fresh trade worries after U.S. President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, which is one of the largest U.S. trade partners and a major supplier of crude oil.

Last month’s crude oil price fall of more than 10% was the worst May performance in seven years as the escalation of the global trade war saw the global growth outlook crumble.

The U.S.-China feud remains most critical to the global growth outlook, but the addition of trade tensions between the U.S. and Mexico raised the slower demand picture for the Americas.

Iran and the United States have been drawn into starker confrontation in the past month, a year after Washington pulled out of a deal between Iran and global powers to curb Tehran’s nuclear programme in return for lifting international sanctions.

Washington re-imposed sanctions last year and ratcheted them up in May, ordering all countries to halt imports of Iranian oil. In recent weeks it has also hinted at military confrontation, saying it was sending extra forces to the Middle East to respond to an Iranian threat.

Source: fuelpricesonline.com

Additional Oil Market commentary & Market Data available from the BBC here.