How can Chinese GDP influence the WTI Crude Oil Today? - Forex News by FX Leaders

How can Chinese GDP influence the WTI Crude Oil Today?

Posted Monday, July 17, 2017 by
Arslan Butt • 1 min read

As of now, the Black Crack has traded at our suggested trading levels. Although, the market reaction to the surprisingly low Inflation figures of the world's top oil consumer, the United States, was unpredictable.

The echoes of the EIA report aren't over yet. If you remember, last week, the Energy Information Administration (EIA) reported an inventory draw of 7.56 million barrels, higher than the draw of 6.3 million barrels the preceding week. Which signifies the increase of demand in the global markets.

Now, crude oil got additional support after the release of the GDP figures from China, the second largest consumer of crude oil. The fundamentals have shown that the Chinese economy grew more than anticipated in the 2nd quarter at an annualized rate of 6.9%. The analysts were only expecting a quarterly growth of 6.8%.

Can we expect the bulls to enter the market over Chinese demand sentiments? I think YES! This is the most likely outcome. Read our article on WTI Crude Oil to learn how to trade it successfully. 

Forex Trading Signal – Idea

Considering the new fundamentals, I will be looking to enter a buying position only above $46.75 with a stop loss below $46.50 and take profit above $47.15. Be careful traders, the market can exhibit low volatility today due to lack of U.S events!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of