WTI Crude Oil Starts the Week on Bearish Footing

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.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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