WTI Crude Oil Gains Over Concerns of Supply Disruption

WTI crude oil has had a bullish start to the new trading week over rising concerns about potential supply disruptions in the aftermath of

Arslan Butt•Monday, September 23, 2019•1 min read

WTI crude oil has had a bullish start to the new trading week over rising concerns about potential supply disruptions in the aftermath of the attacks on Saudi Aramco’s oil facilities. At the time of writing, WTI crude oil is trading at around $58.71 per barrel.

The drone attacks had compromised over 50% of Saudi’s oil output, causing crude oil prices to surge suddenly. However, later in the week, crude prices had climbed down after Saudi’s reassurances of restoring oil supply to normal levels by the end of this month.

Crude oil prices remained supported over increasing worries of a possible retaliation by Saudi Arabia and the US against Iran over these attacks. Over the past few days, the US has increased troop deployment in the Gulf region in a bid to strengthen Saudi air and missile defences.

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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.