WTI Crude Oil Prices Trading Steady After Tumbling Lower - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Prices Trading Steady After Tumbling Lower

Posted Thursday, January 9, 2020 by
Arslan Butt • 1 min read

A day after Iran launched missile strikes against US military bases in Iraq, WTI crude oil prices are trading steady following a tumble on hopes of receding tensions between US and Iran. At the time of writing, WTI crude oil is trading around $60.09 per barrel.

Markets calmed down during the US session on Wednesday after US President Donald Trump indicated abating of geopolitical tensions in the Middle East and hinted at the possibility of imposing sanctions instead of escalating the military conflict against Iran. Earlier in the day, Iran had launched ballistic missiles targeting military bases in Iraq where US troops were stationed, but the US confirmed that no Americans were harmed in the attack.

WTI crude oil prices tumbled by nearly 5% immediately following Trump’s speech, dropping below $60/barrel for the first time in weeks. For now, oil markets are trading calm in the absence of further updates but are hopeful about de-escalation of tensions in the Middle East.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments