Crude Oil Edges Higher Even as Trade Tensions Remain in Focus - Forex News by FX Leaders
WTI crude oil

Crude Oil Edges Higher Even as Trade Tensions Remain in Focus

Posted Tuesday, August 6, 2019 by
Arslan Butt • 1 min read

Early on Tuesday morning, WTI crude oil prices have climbed slightly higher, but the US-China trade war continues to weigh on oil markets. At the time of writing, WTI crude oil is trading at around $55.23 per barrel.

On Monday, crude oil lost over 3% of its value over concerns that the escalating trade war between the two world leaders would reduce the demand for oil in global markets. After imposing as additional round of tariffs on Chinese goods, the US has also accused China of manipulating its currency to maintain its dominant position in world markets.

Even the tensions in the Middle East surrounding Iran have been unable to support crude oil prices from weakening. On Sunday, Iran seized another oil tanker, accusing it of smuggling oil. The API report is due later today which could reveal US crude inventories and possibly impact oil prices.

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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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