WTI Crude Oil Gains Over Concerns of Unrest in Iraq, Ecuador - Forex News by Strategia Forex
WTI crude oil

WTI Crude Oil Gains Over Concerns of Unrest in Iraq, Ecuador

Posted Tuesday, October 8, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices are climbing higher early on Tuesday supported by rising unrest in Iraq and Ecuador, driving supply disruption concerns in oil markets. At the time of writing, WTI crude oil is trading at $53.11 per barrel.

On Monday, industrial commodities like copper and aluminum traded bullish despite recent weak manufacturing data releases from leading economies globally. This is suggestive of a possible correction underway in markets, giving a boost to crude oil prices as well.

Crude oil is expected to trade cautiously as markets await the trade talks between the US and China scheduled to start on Thursday. Despite a few positive developments from either side, expectations of a trade deal this time around are low as news reports emerge of reluctance in resolving key differences.

Meanwhile, ongoing protests in Iraq and Ecuador, among the important oil producers of the world, are threatening to escalate and affect crude output in both regions. Ecuador produces over 59k bpd of crude oil while Iraq exported around 3.6 million barrels in August.

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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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