WTI Crude Oil Starts the Week on Bearish Footing - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Starts the Week on Bearish Footing

Posted Monday, October 7, 2019 by
Arslan Butt • 1 min read

At the start of a fresh trading week, WTI crude oil is trading bearish as worries about a potential slowdown in the global economy dominates the market sentiment. At the time of writing, WTI crude oil is trading at around $52.63 per barrel.

Crude oil prices marked a weekly loss of more than 5% during the previous week over weaker than expected economic data releases from leading economies, especially the US and China. After some momentary optimism, worries of a recession in the global economy weigh on the markets once again, exerting downward pressure on prices and turning the outlook bleak for oil demand.

Crude oil is expected to trade cautious this week ahead of the high-level trade talks between the US and China. Any positive development towards a trade deal could stem the decline in oil prices, however, if the trade war escalates further, it could weaken prices further.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments