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Everything you Need to Know About Trading WTI Crude Oil Today

The WTI crude oil trades bearish at 53.27, down -1.42% on the back of a series of bearish fundamentals, such as:

1 – Oil market turned bearish over signs that an economic slowdown in China was spreading.

2- China’s GDP figures fell from 6.5% to 6.4% which fuel concerns that the world’s second-biggest producer may not hike the demand for crude oil.

3- The IMF forecasts a 3.5% growth rate worldwide for 2019 and 3.6% for 2020. Those are 0.2 and 0.1 percentage points, respectively below its last forecasts in October. Slower economic growth means less demand for crude oil. It’s also weighing on the crude oil prices.

Support Resistance
53.01 54.55
52.03 55.12
50.49 56.66
Key Trading Level: 53.58

WTI Crude Oil – Trade Plan

Speaking of the trade plan, crude oil is likely to stay bearish below $53.60 with a target of $52.30 with a stop above $53.90.

Good luck!

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ABOUT THE AUTHOR See More
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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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