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