WTI Crude Oil Suffers Steep Decline in Prices. What’s Happening? - Forex News by FX Leaders

WTI Crude Oil Suffers Steep Decline in Prices. What’s Happening?

Posted Friday, May 24, 2019 by
Arslan Butt • 1 min read

WTI crude oil had the worst day so far this year over escalating trade tensions driving investors towards safe haven assets and away from oil. WTI lost almost 6% of its value on Thursday, closing the day at $57.91 per barrel.

At the time of writing, WTI is trading slightly better at $58.57 per barrel. An unexpected increase in US crude stockpiles, coupled with rising tensions about the US-China trade war caused crude oil prices’ steepest fall since December 24.

To add to the woes of oil traders, manufacturing and other economic data from the Eurozone were also weaker than expected, adding to fears of economic growth slowdown in global markets. Investors are anticipating the volatility in oil markets to continue remaining high until US and China resume their trade negotiations and make progress on their trade deal.

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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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