WTI Crude Oil Set for Biggest Weekly Loss in 10 Weeks - Forex News by Strategia Forex
WTI crude oil

WTI Crude Oil Set for Biggest Weekly Loss in 10 Weeks

Posted Friday, September 27, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices continued to slide into Friday, erasing gains made following the attacks on Saudi crude processing facilities. At the time of writing, WTI crude oil is trading at around $56.09 per barrel.

Crude oil prices were driven lower by the faster than expected resumption of crude production from the damaged facilities. In addition, weakening growth across the global economy came back to dominate the sentiment in oil markets following the release of disappointing economic data from leading countries around the world recently.

So far this week, WTI crude oil has lost around 3% of its value, making this the maximum weekly loss in the past 10 weeks. Less than two weeks after the drone attacks, Saudi Arabia has restored its normal capacity of crude production of 11.3 million bpd, while markets expected the leading oil producing nation to take longer to resume normal levels of production.

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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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