WTI Crude Oil Prices Continue to Decline Over Weakening Economic Data

WTI crude oil prices fell for a second consecutive day on Tuesday over increasing concerns of global economic growth slowing down because of US-China trade tensions. However, news of the recent attack on oil tankers continued to support oil prices from declining too much.

At the time of writing, WTI crude oil is trading at around $51.86 per barrel. On Monday, WTI prices fell 1.1% while on Tuesday, they are already trading more than 0.2% down.

The business sentiment in the US is suffering over escalation in trade dispute with China. Oil prices are also falling because of record rise in US shale oil production. According to the EIA, US shale oil output is expected to increase by 70,000 bpd to touch 8.52 million bpd in July.

Disappointing economic data releasing from economies across the world as well as the ongoing US-China trade war have caused oil prices to fall by around 20% since April 2019. However, supply concerns due to the possibility of OPEC+ extending crude production cuts beyond June and rising tensions following recent oil tanker attacks in the Middle East are also supporting crude prices.

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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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