According to Angel Commodities, last week, WTI Crude prices dipped over 5 percent over rising concerns of excess Supply amid weakening of demand prospects.
Angel Commodities' report on Crude Oil
Last week, WTI Crude prices dipped over 5 percent over rising concerns of excess Supply amid weakening of demand prospects. Weakening of demand due to the escalating tension between U.S. & China is the major reason behind downfall in Crude prices. Markets will have a keen watch on the next week’s meeting between U.S. & China’s officials which will is scheduled in early October’19 to find a way out of the prolonged trade war.
Rising worries of excess of supply amid weakening of the demand prospects for Crude might continue to push the prices lower. We expect oil prices to trade lower, international markets are trading lower by 0.27 percent at $52.67 per barrel.
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