WTI Crude Oil Recovers After Dipping to One-Month Low

Arslan Butt•Wednesday, September 4, 2019•1 min read

WTI crude oil prices are edging slightly higher on Wednesday after slipping lower during the previous day after US manufacturing activity contracted for the first time in three years. At the time of writing, WTI crude oil is trading at $54.21 per barrel, after having fallen to a one-month low on Tuesday.

In addition, manufacturing in Eurozone contracted for the seventh consecutive month in August, adding to increased worries of an impending recession in the global economy. Falling manufacturing activity and weakening economic growth force oil demand to reduce, and hence weigh on crude oil prices.

On the positive side, crude oil prices enjoy some support from a growth in Chinese manufacturing and services sectors, despite the ongoing trade war with the US. Despite OPEC introducing production cuts, crude oil continues to trade under pressure over the continued trade tensions.

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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.