WTI Crude Oil Trading Close to Two-Week Lows Over Fresh Trade War Concerns - Forex News by FX Leaders
WTI crude oil

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

Posted Monday, August 26, 2019 by
Arslan Butt • 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

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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