Brent Crude prices fell over 5% in May, reaching a low of $68/bbl as a result of escalation of the US/China trade war; notably a mutual increase on import tariffs to 25%.

GBP suffered significant losses vs USD in May, falling from a high of 1.3180 to a 5-month low of 1.2570, following news that Theresa May will step down as PM in June.

OPEC and its allies are showing signs of maintaining current production cuts for the second half of 2019, as Saudi Arabia believes the market is adequately supplied.