WTI Crude Oil Set For Fourth Consecutive Day of Gains

At the start of a fresh trading week, WTI crude oil is edging higher on hopes that Saudi Arabia is planning to continue with OPEC’s crude production curbs. At the time of writing, WTI crude oil is trading at around $57.12 per barrel.

Crude oil’s gains look set to continue for a fourth consecutive day with recent comments from UAE’s energy minister about how OPEC+ members plan to continue with production cuts to support oil prices from falling further in the face of weakening demand.

While addressing a news conference, UAE’s Ministry of Energy and Industry Suhail al-Mazrouei expressed concern about the build in crude oil inventories rather than about the fall in oil prices. He added that ongoing trade tensions and geopolitical issues have been impacting oil markets severely, but hoped that the US-China trade war doesn’t escalate further.