WTI Crude Oil Continues to Trade Weak Over Disappointing Manufacturing Data

WTI crude oil prices are climbing slightly higher today after falling sharply during Tuesday, over official confirmation of OPEC’s decision to extend supply cuts till March 2020. At the time of writing, WTI crude oil is trading at $56.39 per barrel.

The rise in crude oil prices is also driven by the API report released on Tuesday which revealed that US crude inventories fell by 5 million barrels during the previous week, while expectations were for a decline of 3 million barrels

During the July 1-2 meeting in Vienna, OPEC and its allies set aside their differences and came to an agreement over extending supply cuts of 1.2 million bpd till March 2020. This announcement also helped support crude oil prices.

However, recent data releases point to a weakening in the manufacturing sector in most developed countries. This has caused crude oil prices to trade bearish as investors worry about falling demand in oil as a result of the slowdown in global economic growth.

ABOUT THE AUTHOR See More

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.

Related Articles

Silver Eyes $33.24 Breakout as U.S.-China Trade Talks Heat Up

2 days ago

Save

Oil Prices Eye $62 as U.S.-China Tariff Talks Boost Sentiment

2 days ago

Save

Gold Price Targets $3,382 – Can XAU/USD Rally Amid Trade Hopes?

2 days ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

1 Comment

Oldest

Newest Most Voted

Inline Feedbacks

View all comments

Olayiwola Abiodun

5 years ago

Thanks for your careful analysis on oil but if I may ask: given the recent development on the fundamentals surrounding oil , what is your bias on oil ?

0