WTI Crude Oil Trading Bullish Over Expectations of More Production Cuts by OPEC - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Trading Bullish Over Expectations of More Production Cuts by OPEC

Posted Tuesday, September 10, 2019 by
Arslan Butt • 1 min read

Even as the trade tensions between US and China continue to weigh on markets, WTI crude oil prices look set for a fifth consecutive day of gains over expectations of OPEC+ members extending crude production curbs. At the time of writing, WTI crude oil is trading at $58.25 per barrel.

Following the appointment of Prince Abdulaziz bin Salman as Saudi Arabia’s energy minister, crude oil climbed over 2% higher on Monday. Oil markets cheered his appointment as he has has a long-term association as a member of OPEC. Prince Abdulaziz confirmed that Saudi Arabia will continue to honor OPEC’s agreement to curtail crude production by 1.2 million bpd.

Crude oil is also trading bullish over expectations that OPEC and its allies could announce further curbs in crude production during their upcoming meeting later this week. Oil has been weakening since April over worries of the escalating US-China trade war and its potential impact on economic growth and demand for oil.

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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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