WTI Crude Oil Prices Holding Steady, Global Demand Slowdown Weighs - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Prices Holding Steady, Global Demand Slowdown Weighs

Posted Tuesday, July 23, 2019 by
Arslan Butt • 1 min read

Early on Tuesday, WTI crude oil prices are holding steady after having climbed more than 1% higher on the previous day over escalating geopolitical tensions concerning Iran. At the time of writing, WTI crude oil is trading at around $56.15 per barrel.

Potential threat to supply along the Gulf region after Iranian Revolutionary Guards seized a British oil tanker in the Strait of Hormuz caused oil prices to rise. However, gains remained limited over increasing worries of a slowdown in demand for oil amid lower economic growth worldwide.

On Sunday, Goldman Sachs also lowered its global oil demand forecast for 2019 to 1.275 million bpd over weakening global economic growth. Things will not start looking up in 2020 either, with the IEA estimating global demand for crude oil to reduce in 2020, leading to a possible oversupply in markets.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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