WTI Crude Oil Prices Trade Lower on Tuesday Over Slowing Global Demand Concerns - Forex News by FX Leaders

WTI Crude Oil Prices Trade Lower on Tuesday Over Slowing Global Demand Concerns

Posted Tuesday, June 25, 2019 by
Arslan Butt • 1 min read

After climbing higher for several days, WTI crude oil prices fell lower on Tuesday over concerns of weakening global demand in oil markets. At the time of writing, WTI is trading at around $57.31 per barrel after having climbed 0.8% higher on Monday.

Last week, crude oil rose 10% higher following reports of Iran shooting down a US drone, increasing tensions in the Middle East. Tensions have been running high in the region following attacks on oil tankers, after which the US has deployed more troops and was possibly even planning a strike on Iran.

US-Iran tensions continue to support oil prices after the US announced more sanctions on Iran in retaliation to the attack on its drone. Trump has also tweeted asking other countries to safeguard their shipping of oil from the Middle East instead of depending on the US to ensure security in this region.

In addition, crude oil supply is expected to remain limited as OPEC and its allies plan to continue extending production cuts to keep oil prices supported.

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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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