⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Crude Oil Continues to Slide Lower, Trade War Worries Weigh

As the trade war between US and China continues to heat up, WTI crude oil prices continue to decline. Early on Wednesday, WTI crude oil is trading at around $53.58 per barrel.

Ever since Trump announced a new set of tariffs on Chinese imports, markets have been tense. While global equities have suffered, safe havens have been climbing higher. Amidst all this uncertainty, crude oil has been hit hard over concerns of falling demand for oil as economies get impacted by the fallout from the trade conflict.

However, WTI crude oil received some support from the API report which released on Tuesday. According to the report, US crude inventories fell by 3.4 million barrels to touch 439.6 million barrels during the previous week. Economists were expecting a decline of 2.8 million barrels.

In addition, the situation in the Middle East also continues to be tense over a recent spate of attacks on oil tankers passing through the Strait of Hormuz. This is also lending some support to crude oil prices over worries of potential supply disruption.

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 See More
Avatar
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
🔒 OPEN A TRADING ACCOUNT