Oil Prices Tank On Worrying Economic Data From China

Oil prices continued to sell off on Tuesday morning, with WTI losing more than 3.5% after China's PMI data for April came in lower than expected. Chart of the Week Last Hurrah for the US Gulf of Mexico - Ever since Pure Oil drilled its first well approximately a mile offshore in the US Gulf of Mexico back in 1938, the region has defined deepwater drilling in the country even as the Deepwater Horizon spill has tarnished its reputation. - Production of oil and natural gas in the US Gulf is set for an almost 20% increase over the next three years,…