WTI Crude Oil Slips as Worries of Weaker Demand Dominate Market Sentiment Again

WTI crude oil prices have slid lower early on Tuesday as markets turn their focus on a potential slowdown in the global economy and its...

Written by: Arslan Butt • Tuesday, October 29, 2019 • 1 min read

• Last updated: Tuesday, October 29, 2019

WTI crude oil prices have slid lower early on Tuesday as markets turn their focus on a potential slowdown in the global economy and its impact on weakening demand for oil. At the time of writing, WTI crude oil is trading at around $55.66 per barrel.

After several months of trading weak over the escalating trade war between the US and China, crude oil prices recently received some support from an improvement in the sentiment as both sides try to work out a partial trade deal. However, gains remain capped as markets fear that an interim trade deal may not be enough to turn things around for the global economy which could continue exhibiting signs of weakness for some time to come.

WTI crude oil is also trading cautiously in anticipation of the API report due for release later today. According to a recent Reuters poll, US crude stockpiles are expected to have experienced a build-up by 700k barrels during the previous week, following a surprise drawdown from two weeks prior.

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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.