WTI Crude Oil Bounces Higher After Losing 1.8% of Value - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Bounces Higher After Losing 1.8% of Value

Posted Thursday, October 3, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices bounced higher on Thursday after sliding 1.8% lower during the previous session over ongoing concerns about weakness in global economic growth and the US-China trade war. At the time of writing, WTI crude oil is trading at around $52.80 per barrel.

Crude oil prices came under pressure on the release of the EIA report on Wednesday which revealed that crude inventories in the US climbed 3.1 million barrels higher during the previous week. This went against analysts’ forecast which was for a rise of 1.6 million barrels.

Crude oil continues to trade cautiously ahead of the upcoming trade talks between the US and China scheduled to take place next week. Traders await for any positive developments towards resolution of a trade dispute that has dragged on for more than a year and caused weakness not only in two of the world’s largest economies, but impacted other leading economies worldwide as well.

The ongoing economic weakness as a result of the trade war has been weakening the demand for crude oil globally.

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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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