WTI Crude Oil Steady, Holding Gains on Trade Deal Optimism

On Friday, WTI crude oil is trading steady after the release of China’s GDP data, which revealed the slowest pace of growth in nearly three decades. At the time of writing, WTI crude oil is trading at around $58.49 per barrel.

Crude oil prices are holding on to their gains from the recent optimism surrounding the signing of the US-China phase one trade deal. On Thursday, WTI crude oil prices strengthened by more than 1% on the trade deal optimism in hopes that receding tensions would boost demand for oil among the world’s largest energy consumers, the US and China.

However, oil markets have found no reason to cheer since then as China’s economic growth disappoints on the back of ongoing trade tensions with the US. Meanwhile, oil prices face additional pressure over a recent IEA forecast that oil supply from OPEC as well non-OPEC nations would exceed demand despite OPEC enforcing additional curbs in crude production.