WTI Crude Oil Prices Rise Over Hopes of a Trade Deal Between US and China - Forex News by FX Leaders

WTI Crude Oil Prices Rise Over Hopes of a Trade Deal Between US and China

Posted Friday, May 10, 2019 by
Arslan Butt • 1 min read

Crude oil prices are on the rise while markets remain optimistic that US and China will be able to strike a trade deal soon. WTI crude oil crossed $62.40 as a result, but is now trading slightly lower at around $62.

On Thursday, Donald Trump stated that he had received a “beautiful” letter from Chinese President Xi Jinping. This boosted market confidence that trade talks could get back on track and lead towards a deal soon.

Crude oil had turned bearish over escalating tensions because any drop in trade could not only reduce demand for crude oil in China, but could also cause a slowdown in global economic growth. Another key driver for the bullish growth in crude oil prices is the expectation that OPEC will continue to control oil supply in markets even as demand continues to rise.

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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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