WTI Crude Oil Trades Weaker: Central Banks, Middle East in Focus - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Trades Weaker: Central Banks, Middle East in Focus

Posted Monday, July 29, 2019 by
Arslan Butt • 1 min read

At the start of a fresh trading week, WTI crude oil prices are trading lower over potential easing of tensions in the Middle East following Iran’s “constructive” meeting on a nuclear agreement with several parties. At the time of writing, WTI crude oil prices are trading at around $56 per barrel.

An emergency meeting conducted between Iran and other concerned parties who had signed the 2015 nuclear deal has led to some positive developments, even though some unresolved issues still remain. According to an Iranian official, Abbas Araqchi, “Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments”.

However, the situation in the Middle East continues to remain tense as Europe and US are looking into ways to beef up maritime security in the Strait of Hormuz. In addition, crude oil is expected to trade cautiously in anticipation of central banks’ meetings due to take place this week, especially that of the Bank of Japan and the Federal Reserve.

A dovish outlook by central banks can add further downward pressure on crude oil prices, which have remained weak lately over global economic slowdown concerns that are impacting demand for oil in markets worldwide.

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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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