Despite ongoing concerns about a US economic recession putting pressure on the market, tightening global supplies have boosted market sentiment, and a decline in the US dollar exchange rate has provided support. On Monday (May 15th), the settlement price for West Texas Intermediate (WTI) crude oil futures for June 2023 delivery on the New York Mercantile Exchange was $71.11 per barrel, up $1.07 from the previous trading day, a gain of 1.5%. The trading range was between $69.41 and $71.69 per barrel. The settlement price for Brent crude oil futures for July 2023 delivery on the Intercontinental Exchange in London was $75.23 per barrel, up $1.06 from the previous trading day, a gain of 1.4%. The trading range was between $73.49 and $75.75 per barrel.
Concerns about the US economy persist, and European and American crude oil futures continued to decline in the early session. The New York State manufacturing activity index in May recorded its largest decline in over three years, as orders and shipments sharply contracted. Data released on Monday showed that the overall business conditions index of the New York Federal Reserve Bank’s manufacturing survey fell 42.6 points to -31.8 in May.
