WTI Crude Oil Trades Lower Ahead of Chinese GDP Release
Arslan Butt • 1 min read
At the start of a new trading week, WTI crude oil prices are trading cautiously, edging lower. WTI crude oil prices are trading at around $60 per barrel at the time of writing early on Monday, ahead of the release of Chinese GDP data.
Markets are worried about the potential fallout of the ongoing US-China trade war on the Chinese economy and its consequent impact on demand for oil. Expectations are for the Q2 GDP to register a 6.2% growth, but uncertainties reign because of the tariff hikes imposed on Chinese exports to the US markets.
However, crude oil prices continue to remain supported by the tropical storm Barry off the Gulf of Mexico, which cut down US’s crude production by as much as 73% over the past few days.