WTI Crude Oil Bearish Over Fallout Effect of Trade War on Economic Growth - Forex News by Strategia Forex
WTI crude oil

WTI Crude Oil Bearish Over Fallout Effect of Trade War on Economic Growth

Posted Tuesday, September 3, 2019 by
Arslan Butt • 1 min read

Early on Tuesday, WTI crude oil prices continue to trade under pressure over concerns about the trade war and its spillover effect on economic growth, especially in emerging economies. At the time of writing, WTI crude oil is trading at around $54.89 per barrel.

On September 1, the latest round of tariffs imposed by the US on Chinese goods came into effect, further escalating trade tensions between the two countries. Crude oil turned bearish after South Korea’s Q2 economic growth came in less than expected over falling exports to China.

On Sunday, Argentina imposed currency control measures to support its economy and weakening peso, adding to worries about the impact of the trade war on emerging economies. In addition, oil output from OPEC climbed higher for the first time this year in August as Iraq and Nigeria increased their production, offsetting production curbs by Saudi Arabia.

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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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