WTI Crude Oil Prices Continue to Weaken Over Trade War Concerns - Forex News by FX Leaders

WTI Crude Oil Prices Continue to Weaken Over Trade War Concerns

Posted Monday, June 3, 2019 by
Arslan Butt • 1 min read

Rising tensions surrounding the US-China trade war continued to weigh on global oil markets, with WTI crude oil prices falling by over 1% on Monday over worries of falling demand amid a global economic slowdown.

At the time of writing, WTI crude oil is trading at around $53 per barrel. Crude futures had the worst performance since November 2018 in May 2019. Growing concerns in US production growth and rising inventories also fueled the steep decline in oil prices recently.

Weekly production in the US touched 12.3 million bpd after energy companies increased the number of oil rigs for the first time in four weeks. As a result, crude oil inventories in the US have climbed by 8.4% to 476.5 million barrels.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
The WTI crude oil prices extended their previous week-long bullish rally and hit the Intra-Day high above mid-$62.00 mainly due to the hopes
17 hours ago
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments