Crude Oil Continues its Bearish Run

WTI crude oil prices continued to trade lower as worries about a potential slowdown in global economic growth weighed on the markets.

Arslan Butt•Friday, July 5, 2019•1 min read

On Friday, WTI crude oil prices continued to trade lower as worries about a potential slowdown in global economic growth weighed on the markets. At the time of writing, WTI crude oil is trading at $56.69 per barrel.

A slew of weak manufacturing data released from around the world has had more impact on the sentiment than the OPEC+ decision to extend supply cuts till March 2020. In addition, on Wednesday, new factory orders in the US continued to decline for a second consecutive month in May, adding to the bearish pressure on crude oil prices.

After several days, tensions in the Middle East resumed again with the seizure of an Iranian oil tanker by British Royal Marines which was headed to Syria, violating severe sanctions placed on Iran about exporting crude oil to other countries. This could potentially escalate into a row between Iran and the EU in the coming days.

So far, however, this news has not yet had any impact on crude oil prices.

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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.