WTI Crude Oil Set For Fourth Consecutive Day of Gains

WTI crude oil is edging higher on hopes that Saudi Arabia is planning to continue with OPEC's crude production curbs at the start of a new..

Written by: Arslan Butt • Monday, September 9, 2019 • 1 min read

• Last updated: Monday, September 9, 2019

At the start of a fresh trading week, WTI crude oil is edging higher on hopes that Saudi Arabia is planning to continue with OPEC’s crude production curbs. At the time of writing, WTI crude oil is trading at around $57.12 per barrel.

Crude oil’s gains look set to continue for a fourth consecutive day with recent comments from UAE’s energy minister about how OPEC+ members plan to continue with production cuts to support oil prices from falling further in the face of weakening demand.

While addressing a news conference, UAE’s Ministry of Energy and Industry Suhail al-Mazrouei expressed concern about the build in crude oil inventories rather than about the fall in oil prices. He added that ongoing trade tensions and geopolitical issues have been impacting oil markets severely, but hoped that the US-China trade war doesn’t escalate further.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.