WTI Crude Oil Prices Trading Lower, Chinese Data Not Helping - Forex News by FX Leaders

WTI Crude Oil Prices Trading Lower, Chinese Data Not Helping

Posted Tuesday, April 30, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices continued their fall down and closed at $63.35 per barrel, down 0.2% for the day on Monday. Even though Trump announced implementation of full sanctions on Iranian oil starting from May 1, oil’s bullish run failed over expectations that US would pressure OPEC into increasing production output.

To make matters worse for oil prices, China posted weaker than expected factory activity and PMI unexpectedly earlier today. Chinese factory output rose for a second consecutive month in April, but at a slower pace than anticipated. Meanwhile, the official PMI figure for April fell to 50.1, from 50.5 in March.

A fall in manufacturing and export activity in China reduces the demand for oil from one of the world’s biggest economies, thereby putting additional pressure on crude oil prices. At the time of writing, WTI prices are trading at around $63.41 per barrel.

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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.
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