Oil prices fell due to the downgrade of the U.S. credit rating.
Oil prices fell on May 19 due to the downgrade of the U.S. sovereign credit rating by Moody's, as well as a slowdown in industrial production and retail sales in China.
According to Reuters, Brent crude futures fell by 35 cents, to $65.06 per barrel, while the price of American West Texas Intermediate crude decreased by 26 cents, to $62.23 per barrel.
Last week, prices for both contracts rose by over 1% after the U.S. and China, the two largest economies in the world and oil consumers, agreed to a 90-day pause in the trade war with a sharp reduction in import tariffs.