WTI Crude Oil Still Bearish Over Rising Risk of Recession

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.

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
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
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers