WTI Crude Oil Slides Lower After Three Days of Gains, Economic Weakness Concerns Weigh

After three consecutive days of bullishness, WTI crude oil prices are sliding lower early on Friday as concerns of a slowdown in the global economy weakening demand for oil comes back to haunt markets. At the time of writing, WTI crude oil is trading around $55.86 per barrel.

US crude oil enjoyed a few days of gains on the back of EIA’s report which revealed an unexpected decline US crude stockpiles for the previous week. However, weak economic data releases have again underpinned crude oil as markets brace for declining demand over weaker economic growth.

Recent Reuters polls reveal that global economic weakness is going to persist in the near future and that the recent positive developments in the US-China trade war will not do enough to turn the sentiment around. Crude oil also turned bearish following the release of German employment data which revealed a decline in private employment for the first time in six years during October.

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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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