WTI Crude Oil Trading Close to Two-Week Lows Over Fresh Trade War Concerns

At the start of a fresh trading week, WTI crude oil is trading nearly 2% lower as a result of the latest developments in the US-China trade

Arslan Butt•Monday, August 26, 2019•1 min read

At the start of a fresh trading week, WTI crude oil is trading nearly 2% lower as a result of the latest developments in the trade war between US and China. At the time of writing, WTI crude oil is trading at around $53.59 per barrel.

Crude oil has touched its lowest levels in over two weeks after China announced additional tariffs on US goods while Trump retaliated over the weekend by announcing that US companies need to look for alternate markets for manufacturing outside China. This has severely soured the market sentiment in global financial markets as worries of a possible economic slowdown come back into focus.

Prior to this, the most anticipated event for markets and traders was the Jackson Hole symposium. While Fed Chair Jerome Powell’s speech tried to comfort the markets by stating that the US economy remained in a “favorable place” and sounded less dovish than feared, the intensifying trade war ensured that these comments were soon forgotten.

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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.