Oil prices fall, hit 3-week low

Oil drilling rigs

Oil prices declined today, May 31, amid assessment of demand after the release of data that questioned the economic recovery of the world's biggest importer of crude oil.

Economic data showed further weakness in China's manufacturing activity in May. The country's factory activity fell for the second straight month, with the manufacturing purchasing managers’ index (PMI) declining to 48.8 points, its lowest since December 2022.

OPEC total output declined by 460,000 in May to reach 28.01 million barrels per day, Reuters reported.

International benchmark Brent crude for July delivery fell 1.15%, or $0.88, to $72.66 a barrel, the lowest in more than three weeks.

West Texas Intermediate (WTI) crude also inched down 2%, or $1.37, to $68.09 a barrel, the lowest in more than two months.