WTI Crude Oil Bearish Again as Markets Focus on Delay in US-China Trade Deal - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Bearish Again as Markets Focus on Delay in US-China Trade Deal

Posted Tuesday, November 19, 2019 by
Arslan Butt • 1 min read

Early on Tuesday, WTI crude oil has turned bearish as concerns surrounding further delay in signing of the US-China trade deal resurface all over again. At the time of writing, WTI crude oil is trading at around $56.91 per barrel.

Even as the trade war shows no signs of abatement yet, a Reuters poll anticipates a rise in US crude stockpiles during the previous week, highlighting worries of slowdown in oil demand. Crude oil prices are under pressure as the Reuters poll expects crude inventories in the US to climb higher for the fourth consecutive week.

The slide in crude oil has also been driven by a report indicating China’s hesitation in signing the partial trade deal without Trump’s interest in rolling back tariffs in a phased manner. The ongoing trade war has weighed on global markets, driving a weakness in global economic growth overall and causing weakness in demand for oil worldwide.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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