WTI Crude Oil Continues to Trade Close to the Highest Levels in Three Months Over Trade Deal Optimism

WTI crude oil prices continue to trade steady near three-month highs over ongoing optimism surrounding the US-China phase one trade deal

Arslan Butt•Friday, December 20, 2019•1 min read

WTI crude oil prices continue to trade steady near three-month highs over ongoing optimism surrounding the US-China phase one trade deal. At the time of writing, WTI crude oil is trading at around $61.06 per barrel.

WTI crude oil is all set for a third consecutive weekly gain this week as markets eagerly look forward to the US and China coming together to sign the partial trade deal soon. Such a trade deal will help dispel some tensions in global markets about increased tariffs and slowdown in manufacturing as well as in demand.

On Thursday, China published a list of oil and chemical products’ imports from the US on which it planned to exempt tariffs, marking some progress towards the phase one deal. Crude oil also remains supported over encouraging forecasts for global oil demand growth in 2020, as well as OPEC’s decision to implement deeper supply cuts to curb weakness in oil prices and an unexpected drop in US crude inventories during the previous week.

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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.