Crude Oil Prices Climb Higher Over Tensions Between US and Iran
Rising tensions between US and Iran are causing WTI crude oil prices to climb higher.
Arslan Butt•Tuesday, May 21, 2019•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
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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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