May 31, 2019

Trump's trade fights hit crude prices

Ben Geman, author of Generate

Oil prices are sinking Friday morning following Trump's Mexico tariff tweet and Thursday's White House announcement of new tariffs against Mexico and a smaller-than-expected drop in U.S. stockpiles.

Why it matters: Trade fights have the potential to soften demand. Battles with China were already putting downward pressure on oil, and the opening of another front in Trump's trade fights only adds to that sentiment.

Where it stands: Oil prices dropped to around $55.36 for WTI crude and $63.94 for Brent in trading this morning.

What they're saying: John Driscoll of JTD Energy Services tells Bloomberg that Trump “seems willing to fight trade wars now on multiple fronts.”

  • That's a "genuine worry for global growth and oil demand," the news service reports in summarizing his comments.

The big picture: Trade tensions and high U.S. production are putting oil prices on pace for their biggest monthly drop since November, Reuters reports.

Go deeper: How trade wars like Trump's threaten U.S. oil and gas exports

Go deeper

George Floyd updates

Protesters in Washington, D.C. on June 6. Photo: Samuel Corum/Getty Images

Thousands of demonstrators are gathering in cities across the U.S. and around the world to protest the killing of George Floyd. Huge crowds have assembled in Washington, D.C., Philadelphia and Chicago for full-day events.

Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make new changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct.

Updated 31 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 6,852,810 — Total deaths: 398,211 — Total recoveries — 3,071,142Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 1,917,080 — Total deaths: 109,702 — Total recoveries: 500,849 — Total tested: 19,778,873Map.
  3. Public health: Why the pandemic is hitting minorities harder — Coronavirus curve rises in FloridaHow racism threatens the response to the pandemic Some people are drinking and inhaling cleaning products in attempt to fight the virus.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model.
  5. Business: Budgets busted by coronavirus make it harder for cities to address inequality Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.

Why the coronavirus pandemic is hitting minorities harder

Illustration: Aïda Amer/Axios. Photo: Mark Makela/Getty Images

The coronavirus’ disproportionate impact on black and Latino communities has become a defining part of the pandemic.

The big picture: That's a result of myriad longstanding inequities within the health care system and the American economy.