WTI Crude Oil Supported by Optimism Surrounding US-China Trade Deal, Tensions in Middle East

Early on Thursday, WTI crude oil is trading somewhat steady after starting the new year on a bullish note as a result of optimism surrounding the phase one trade deal. At the time of writing, WTI crude oil is trading around $61.35 per barrel.

Oil markets have been buoyed by reports of the US and China finalizing the first phase of their trade agreement, and the end of the year brought additional cheer when US President Trump finally announced a date for the signing of the trade deal. A trade deal between the US and China is likely to help boost demand for oil, supporting the rise in crude oil prices.

In addition, crude oil prices have been climbing higher over fears of escalating geopolitical tensions in the Middle East after US airstrikes on multiple locations in Iraq and Syria. Markets are concerned that this could result in another face-off between the US and Iran, which could hurt oil supply from the world’s leading oil producers in the region.

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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.
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