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

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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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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