Crude Oil Prices Climb Higher Over Tensions Between US and Iran - Forex News by FX Leaders

Crude Oil Prices Climb Higher Over Tensions Between US and Iran

Posted Tuesday, May 21, 2019 by
Arslan Butt • 1 min read

Rising tensions between US and Iran are causing WTI crude oil prices to climb higher. To make matters worse, OPEC also has plans to continue with crude production cuts beyond June, which are also keeping crude prices high in markets.

However, the escalating trade war between US and China has global markets worried about a slowdown in economic growth. This is holding crude oil back from rising to new highs in recent times.

At the time of writing, WTI crude oil is trading $63.53 and climbing towards $63.60.

OPEC is due to meet during June 25-26, but latest reports suggest that the meeting could be pushed to July 3-4. Saudi Arabia has already expressed its interest in continuing with curbing crude production.

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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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