WTI Crude Oil Gains Over Concerns of Supply Disruption - Forex News by Strategia Forex
WTI crude oil

WTI Crude Oil Gains Over Concerns of Supply Disruption

Posted Monday, September 23, 2019 by
Arslan Butt • 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

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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