WTI Crude Oil Continues to Fall, Closes the Gap
WTI crude oil prices continued their decline for a second consecutive day over increased concerns of continued weak demand on the back of the ongoing US-China trade war. At the time of writing, WTI crude oil is trading at around $56.96 per barrel.
Crude oil has finally closed the gap after it had surged in reaction to the attacks on Saudi Aramco’s oil processing facilities. WTI is now trading at the lowest level since before the attacks.
Although markets had been receiving positive signals following the US-China trade talks held last week, Trump’s comments at the UN General Assembly clouded the sentiment all over again. On Tuesday, Trump not only pointed the finger at China’s trade practices but also mentioned that he would not agree on a “bad deal” with China.
Crude oil also turned bearish after the API report on Tuesday revealed that US crude stockpiles rose by 1.4 million barrels during the previous week, going against economists’ expectations for a 200k barrel decline.
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