Peak Oil Review – 28 May 2019
Oil prices plunged on Friday with New York futures falling about $5 a barrel. Precipitating the fall were concerns that there is no end in sight to the US-China trade war and that the global economy could slow by enough to affect oil demand. Prices rebounded about 1 percent on Friday but closed out the week at $58.62 in New York and $68.20 in London for their biggest weekly drop of the year. US crude oil inventories rose by 4.7 million barrels the week before last, hitting their highest levels since July 2017, mainly due to abnormally low refinery runs (89.9 percent of capacity) for this time of the year.