May was easily the best month ever for West Texas Intermediate (WTI), which appreciated nearly 80 percent from May 1 to May 29. Brent rose by 43 percent over the same period.

US President Donald Trump suspended US involvement with the World Health Organization (WHO) on May 19, and threatened that the US would withdraw completely unless the WHO undertook “substantive reforms” within 30 days.

What a difference a month makes. Last month, the West Texas intermediate (WTI) traded at minus $37 per barrel when the May contract was rolled over. On May 18, the WTI broke the $30 per barrel mark for the first time in two months. The June contract will be rolled over on May 19.

Crises tend to bring out either the best or the worst in both people and countries. In the already fraught relationship between China and the US, the COVID-19 pandemic is definitely bringing out the worst.