WTI Crude Oil Dips Lower, Weighed Down by Trade War Sentiments - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Dips Lower, Weighed Down by Trade War Sentiments

Posted Friday, August 30, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices have edged lower following three days of gains over rising tensions about the US-China trade war and the global economic slowdown. At the time of writing, WTI crude oil is trading at around $56.63 per barrel.

Despite dipping lower earlier today, crude oil is all set for a weekly gain of 4% over a bigger than expected drop in US crude inventories and an approaching hurricane off the coast of Florida. Hurricane Dorian developing off the coast of Florida has traders worried about crude production slowing down in the Gulf of Mexico region if the storm passes through it.

However, the trade war continues to weigh on oil markets, capping gains over increased worries of leading economies slowing down and reducing their demand for oil. Although China confirmed on Thursday that in-person meetings between trade teams will be held in September as originally scheduled, a trade deal still seems a long way off.

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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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