WTI Crude Oil Prices Edge Higher Despite Weak PMI Reports - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Prices Edge Higher Despite Weak PMI Reports

Posted Thursday, July 25, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices are edging upward on Thursday despite concerns of weakening global demand which had caused a slight fall in prices yesterday. At the time of writing, WTI crude oil is trading at around $56.04 per barrel.

Weaker than expected services and manufacturing PMI reports from the US and Eurozone pointed to further slowing down of global economic growth, which is still reeling under the effects of global trade tensions. The EIA report released yesterday showed a bigger than expected drawdown in US crude inventories, which fell by 11 million barrels, in the previous week. However, this news failed to make much of an impact on oil prices.

Meanwhile, crude oil prices remain supported as tensions continue in the Middle East following the seizure of a British oil tanker late last week by Iran’s Revolutionary Guards. On Wednesday, Iran’s supreme leader Khamenei has warned of dangerous confrontation if the status of the Strait of Hormuz changes in any manner. France, Italy and Denmark have lent their support to Britain’s proposal for a European-led naval mission to ensure safe passage of ships in the Gulf region.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments