WTI Crude Oil Continues to Trade Close to the Highest Levels in Three Months Over Trade Deal Optimism - Forex News by FX Leaders
WTI crude oil

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

Posted Friday, December 20, 2019 by
Arslan Butt • 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

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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