Oil prices crashed more than 20% last month. May posted the steepest monthly decline since the pandemic-driven collapse in 2020. The drop erased a chunk of the year's earlier gains.
The 20% slide
Crude benchmarks fell sharply through May. The decline accelerated in the final week, pushing the monthly loss past the 20% mark. By the end of the month, barrels were trading at their lowest levels in months. The selloff hit both Brent and West Texas Intermediate crude.
Worst since the pandemic crash
The last time oil lost this much ground in a single month was April 2020, when lockdowns crushed demand and prices briefly turned negative. That comparison underscores the severity of May's rout. The drop comes as traders digest a mix of economic data and supply signals.
No single trigger has been identified. The decline appears driven by a broad reassessment of global demand prospects and ample supply.
The May slump leaves the oil market in a fragile position heading into summer.
