WTI crude oil costs are buying and selling weaker at first of a brand new buying and selling week as issues of a possible slowdown within the inte
WTI crude oil costs are buying and selling weaker at first of a brand new buying and selling week as issues of a possible slowdown within the international financial system come to the fore as soon as once more. On the time of writing. WTI crude oil is buying and selling round $53.63 per barrel as weaker demand weighs on oil markets.
Crude oil’s bearishness was driven by weaker than expected China’s GDP development in Q3 2019 in addition to a disappointing US retail gross sales determine for September. Although the US and China are negotiating the part 1 commerce deal, the commerce conflict has had an impression on each their economies, and consequently on oil demand as each nations are among the many prime oil customers on this planet.
Crude oil has additionally been weighed down by studies of extra provide, with Russia reporting that it processed extra oil than anticipated regardless of the weakening demand, with the intention to compensate for the upcoming winter. OPEC and its allies had beforehand agreed to curb crude manufacturing by 1.2 million bpd to offset the slide in demand for oil in international markets.