WTI Crude Oil Starts the Week on Bearish Footing
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.