WTI Crude Oil Trades Steady After Gaining Over 4% During the Previous Week

WTI crude oil prices are trading steady after strengthening on reports of Russia confirming efforts to control oil supply in keeping with..

Written by: Arslan Butt • Monday, October 28, 2019 • 1 min read

• Last updated: Monday, October 28, 2019

At the start of a fresh trading week, WTI crude oil prices are trading steady after strengthening on reports of Russia confirming efforts to control oil supply in keeping with OPEC’s production curbs. At the time of writing, WTI crude oil is trading at around $56.48 per barrel.

After several weeks of trading weaker as a result of weakening demand concerns, crude oil prices clocked a weekly gain of over 4% during the previous week. An improvement in market sentiment over increased expectations of a partial trade deal between the US and China and rising hopes for deeper production cuts by OPEC+ members have supported oil prices during the last few days.

On Friday, Russian energy minister confirmed that his nation is coordinating with Saudi Arabia and other OPEC members to stabilize the oil market and stem the weakness in oil prices. This latest remark has lent further support to crude oil, helping it trade steady into the new week as it awaits more news.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.