WTI Crude Oil Recovers After Dipping to One-Month Low - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Recovers After Dipping to One-Month Low

Posted Wednesday, September 4, 2019 by
Arslan Butt • 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

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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