Pump jacks operate at sunset in an oil field in Midland, Texas August 22, 2018. — Reuters picLONDON, May 19 — The price of benchmark US WTI crude dropped around five per cent today after US data showed a jump in stockpiles and as virus-hit Asia experiences a weak pick-up in demand.
West Texas Intermediate dropped 4.9 per cent to US$62.31 per barrel. European benchmark Brent North Sea crude shed 4.4 per cent to US$65.66. The sharp falls mirrored volatility across different financial markets today, with global share prices sliding on high inflation fears and bitcoin losing a quarter of its value.
“With so many movements across world markets, volatility investors are clearly the big winners,” noted Spreadex trader Hugh Shields, adding that gold was benefitting from its status as a haven investment during times of financial unrest. — AFP
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