WTI Crude Oil Prices Steady, But Set For Weekly Loss
After a few days of tumultuous trading, WTI crude oil prices are holding steady early on Friday, but concerns of falling demand still weigh on oil markets. At the time of writing, WTI crude oil is trading at around $54.34 per barrel.
WTI crude oil is set for a weekly loss of around 4% on account of unexpected build in US crude inventories and uncertainties around the trade war and Brexit which could exert downward pressure on demand for oil. Weak economic data releases from leading economies are keeping gains in crude oil in check.
Weak PMI data out of China, declining factory output in Japan, weak data out of the Eurozone and the US, have all contributed to the slide in WTI prices this week. According to a recent Reuters poll, oil is expected to continue trading under pressure for the remainder of this year and possibly into the next as well. Crude oil prices were further pressured as a result of crude production in the US surging by around 600k bpd to touch a record high of 12.4 million in August.
The sentiment in oil markets could lift on updates confirming the timeline for the US-China trade deal. Any confirmation from the OPEC on implementing additional cuts in production could also lend support to weakening oil prices.
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