What’s Keeping WTI Crude Oil Bullish at the Start of this Week?

WTI crude oil prices have turned bullish on Monday, trading higher over improved market sentiment after..


WTI crude oil prices have turned bullish on Monday, trading higher over improved market sentiment after Trump postponed proposed tariffs on Mexico indefinitely. In addition, leading oil producer Saudi Arabia has also remarked that OPEC and Russia should continue with supply cuts.

At the time of writing, WTI is trading at around $54.25 per barrel. On Friday, Saudi Arabia’s statements hinted at OPEC+ suppliers having come to an agreement to continue crude production cuts beyond June.

However, one possible factor that could weigh on oil markets as trading gets underway on Monday is the decline in Chinese crude oil imports during the month of May. Markets could be worried about this being a fallout of the escalating trade tensions between US and China.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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