WTI Crude Oil Prices Continue to Weaken Over Trade War Concerns

Rising tensions surrounding the US-China trade war continued to weigh on global oil markets - crude oil prices fall by over 1%


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.

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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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