WTI Crude Oil Continues to Trade Lower Even After Hurricane Barry Passes
Arslan Butt • 1 min read
On Tuesday, WTI crude oil prices continue to trade bearish even after production resumed in the Gulf of Mexico after tropical storm Barry. Economic data released from China on Monday continued to dent the sentiment in the oil markets over worries of reduced demand from one of the leading economies in the world.
Even though China’s industrial output and retail sales registered strong performance, its Q2 economic growth slipped to the lowest levels in 27 years, allaying concerns that the trade war with the US was taking a toll on China’s GDP.
At the time of writing, WTI crude oil is trading at around $59.47 per barrel. As oil producers started the process of restoring around 73% of US oil production which was shut down off the Gulf of Mexico because of the hurricane, concerns about record US production resurfaced and are exerting downward pressure on crude oil prices.