WTI Crude Oil Still Bearish Over Rising Risk of Recession - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Still Bearish Over Rising Risk of Recession

Posted Thursday, August 15, 2019 by
Arslan Butt • 1 min read

The decline in WTI crude oil continues over rising risks of possible recession amid rising global trade tensions. At the time of writing, WTI crude oil is trading at around $54.96 per barrel.

On the one hand, weak economic data from China has increased the risks of a global economic slowdown. In addition, US Treasury’s bond yield curve inverted for the first time since 2007 on Wednesday, pointing to increasing concerns that the US economy is heading towards recession.

Crude oil prices faced further downward pressure over the release of the most recent EIA report on Wednesday. According to EIA, US crude inventories rose by 1.6 million barrels during the previous week, while expectations were for a decline of 2.8 million barrels.

US crude inventories now stand at 440.5 million barrels, around 3% higher than the average across five years.

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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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