WTI Crude Oil Trades Lower Ahead of Chinese GDP Release

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..

Arslan Butt•Monday, July 15, 2019•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.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.