WTI Crude Oil Trades Under Pressure as Concerns of Trade Still Weigh on Markets
WTI crude oil prices continue their slide lower into Tuesday after a steep decline during the previous trading session as markets reacted to weak trade and factory data out of China for the month of September. At the time of writing, WTI crude oil is trading around $53.19 per barrel.
The ongoing trade war with the US caused a greater than expected contraction in China’s exports and imports during September, even as concerns of a slowdown in the global economy kept demand subdued. Although Trump announced a Phase 1 trade deal between the US and China at the end of last week’s trade talks, markets remain concerned about when the trade dispute would be completely resolved.
Crude oil prices, however, remain supported over geopolitical tensions building up in the Middle East following an attack on an Iranian oil tanker off the coast of Saudi Arabia. However, the trade war steered the sentiment in financial markets as a prolonged trade dispute and economic slowdown could weaken demand for oil even further globally.
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